Kraken Exchange Returns After Longest Downtime Since 2013

Kraken Exchange Goes Offline for a Record Amount of Time Since 2013, Freaking Out Customers

Yes, this is our new record for downtime since we launched in 2013 — No, we’re not proud of it.
Back Online But With Many Changes
Finally, on January 13 the San Francisco trading platform announced that the website and the trading engine was back online. However, during the upgrade certain things had changed such as the new account verification process would be delayed to its “lowest priority.” Further higher tiered accounts will have priority over new accounts looking for first time verification, says the exchange. Withdrawals are still suspended for the next 12 hours and all prior orders were canceled. Alongside this, deposits can take up to two additional business days for funds to be credited to trading accounts. “All funds in previously open orders have been returned to your available balance — Margin liquidations will be paused for at least 48 hours, and the creation of new margin positions is disabled for at least 48 hours,” explains Kraken’s blog post and email to customers.With trading now resumed, the engine’s performance will be closely monitored — The site will come down if needed, which may occur with little to no notice.
The Recent Crypto-Bear Market and Fallen Exchange Nightmares from the Past Get Traders Edgy
Kraken surely noticed its users upset over the downtime, especially when markets have been extremely bearish so the company apologized for the downtime. For this reason from now and until January 31, the trading platform is giving customers zero fees for all unleveraged trades until January 31, 2018 (UTC). Additionally, the exchange is reducing margin position fees to 0.005 percent until the end of the month as well.
What do you think about trading platforms going down for extended periods of time? Do you think cryptocurrency traders need to be patient or do you think the past exchanges that have fallen by the wayside give users the right to complain? Let us know what you think of this situation in the comments below.Can someone in the Bay area please stop by Kraken headquarters and see if there is anyone there or if it looks like they skipped town?
Images via Pixabay, Kraken, and Twitter.
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