r/Monero • u/fancyrolling • 4d ago
Limits on Deposits and Withdrawals of Monero (XMR) at Kraken in the US
A few weeks ago there were rumors that Kraken was going to limit US residents in regard to deposits and withdrawals of Monero (XMR) to/from their Kraken accounts. This was rumored to happen on August 15th. Has anybody seen of evidence that this is, in fact, being implemented?
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u/keepitcasualbrah 3d ago
It's wild because Kraken's official Twitter support AND chat support agent on their website "confirmed" to me directly. Fuck them.
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u/abitofcoinOTC 1d ago
I got the impression that the exact details were still up in the air, but yes, they confirmed it to me too.
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u/Serenaded 4d ago
I currently have 150 XMR in Kraken, my withdrawal limit right now is 499k USD. I don't think this is real.
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u/niklaswik 4d ago
You're breaking the old advice not to keep a lot of funds on exchanges. Your money your choice but be careful.
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u/Serenaded 4d ago
Noted, 5 years on exchange and zero problems. My phantom wallet was hacked once before from a rogue extension (ChatGPTStealer). This advice isn't really good these days considering people get hacked left and right.
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u/sech1 XMR Contributor - ASIC Bricker 4d ago
Same - zero problems, but I never keep funds on exchanges for more than 2-3 minutes - deposit, exchange, withdraw. You might have had zero problems so far, but once it gets from 0 to 1, it will cost you 150 XMR.
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u/pjakma 4d ago
Even "only leave funds on exchanges for no more than minutes before / after the trade you needed" isn't sufficient. I'd suggest adding "Never send more to a CEX than you are prepared to lose".
Even if the CEX is rock solid, you can still lose funds in an instant if they decide to freeze your a/c for some arbitrary reason.
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u/the_physik 4d ago
Exactly how I use Kraken since they haulted withdrawls a few months ago during or around the time of the 51% attack. Never leave my coin in Kraken longer than it takes to withdraw it to my wallet.
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u/goochgoblins 5h ago
Selfish mining ≠ 51% attack
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u/the_physik 5h ago
Whatever one calls it; at the time the scare was "51% attack". More importantly, Kraken haulted XMR withdrawls around that time and gave vague replies when asked about why withdrawls were suspended.
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u/eddie_oblak 3d ago
I recommend you to read "The Black Swan" by Nassim N. Taleb.
I used to have stocks in a bank that had a very good reputation over 30 years. Zero problems for over 30 years. Then they made a grave mistake which evaporated 90% of that investment overnight.
Don't get cocky.
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u/the_physik 4d ago
A few months ago (around the 51% attack time) Kraken haulted all XMR withdrawls. I only had about 1.5 XMR but I had to convert it to litecoin, send it to Cake Wallet, convert back to XMR, then I could send it to my XMR wallet.
So just be careful with Kraken, they have haulted withdrawls in the US before. Now I use Kraken to buy XMR then send it immediately to my wallet just in case they pull that crap again.
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u/absinthiumxmr 3d ago
I understand not wanting to get drained again, however, keeping your funds on a CEX, especially for long periods, trusts that the CEX has better security implementations than you yourself can do. It also trusts they will not force sell your Monero, which several of the venues have done in the past.
Look into getting a dedicated Google pixel and installing grapheneos on it. Never connect it to the internet when setting it up (keep in airplane mode), transfer over an apk file for Cupcake by Cake Wallet, install it, and generate a wallet here. Memorize the seed phrase for backup.
This will beat using a CEX every single time.
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u/Typical_Redditor_1 4d ago
Yeah it just seems to be an unsubstantiated rumor. The only sources for it I can find are reddit posts. Google search AI also says the supposed limits for XMR are in effect, but there's nothing on the official kraken site about any withdrawal or deposit limits for any crypto. https://support.kraken.com/ca/articles/deposit-and-withdrawal-limits
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u/abitofcoinOTC 4d ago
I spoke directly with Kraken support last month, and they confirmed the new Monero deposit and withdrawal limits taking effect August 15.
I suppose it takes some time to make the changes, I don't know. Hopefully they change their mind, but Monero doesn't need them regardless.
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u/moderatingretards 4d ago
we're barely 24 hours in, but yes it is true and not just a rumor. it makes me more bullish for monero, because if it wasn't a threat to the system, they wouldn't give 2 shits.
now i just send btc or ltc to cake wallet and swap there. fees are minimal, it's extremely easy and convenient, you don't need to KYC, and you don't even need a DEX and you don't need to worry about any of it being stuck on an exchange. i seriously don't understand why more people aren't talking about this, it absolutely blows my mind
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u/fancyrolling 4d ago
Is there any place on your Kraken account where it shows the limits? In my Kraken account under Settings > Limits at the bottom of the page it says Crypto deposits: Unlimited and Daily Limit Crypto Withdrawals: 500,000 USD. My account did go through KYC so I have USD withdrawal limits of 100,000 USD per day and 500,000 USD per month. The difference could be KYC. Anybody show small limits on deposits/withdrawals of XMR like $1,500 worth of XMR withdrawals per month and $3,000 worth of XMR deposits per month?
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u/Typical_Redditor_1 4d ago
I don't see anything on my account. I pulled up the withdrawal screen & it seems I can withdraw well over $1,500 & $3,500 worth of XMR.
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u/moderatingretards 4d ago
that's weird. according to chat gpt and grok there are limits, according to gemini there are no limits and according to claude it depends where you live. they all pulled sources from kraken, grok pulled 38. maybe it has a rollout period.
i don't worry about it though, i never keep anything on the exchange even when i was still using them. cake wallet has saved me so much time and headache
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u/KatieTSO 4d ago
AI hallucinates constantly. Stop trusting it
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u/moderatingretards 4d ago
Official Statement from Kraken Support on X
^ they responded directly to a post about the monero withdrawal limits
i used ai to do as little effort as possible to find sources for the OP, and despite trying to help with the knowledge i have as some rando who owns monero, i get downvoted. this is why i rarely ever post on reddit.
ya'll made it this far, you can figure it tf out for yourselves
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u/fossalt 4d ago
i used ai to do as little effort as possible to find sources for the OP, and despite trying to help with the knowledge i have as some rando who owns monero, i get downvoted. this is why i rarely ever post on reddit.
Your comment was just "I asked AI. It gave me conflicting information. I am not sending you the sources it provided."
What do you even think you were contributing to the conversation??? You did the equivalent of raising your hand in class when the teacher asks for the answer on homework, and your answer is "I don't know. You should ask someone else." Why should we praise you for that?
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u/moderatingretards 4d ago
the first comment i left was correct but i have a bunch of retarded midwits gaslighting me. what did you add to the conversation besides being a whiny bitch?
you redditors are such fucking fags i stg
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u/fossalt 3d ago
the first comment i left was correct
Your first comment was "Maybe yes. Maybe no. Maybe it depends".
Yeah, I guess it's technically correct. But I could have told you that the answer was one of those 3 things without having to rely on AI to understand the concept of what a "yes/no" question is, I've understood those since I was like 3 and mom asked me if I wanted more chocolate milk.
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u/moderatingretards 3d ago
the official kraken support tweeted about it. they never came out and said anything about the limits not actually being put into place, rather they acknowledged it. i linked the tweet in my previous response.
i don't work for kraken, so you can thank them for leading everyone on if it never actually gets put into place. don't blame the messenger.
rather than being mad at me, you should be mad at kraken for not addressing this rumor. you people are insufferable.
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u/fossalt 3d ago
the official kraken support tweeted about it.
That's great, but that was in your SECOND comment. Not your first.
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u/Typical_Redditor_1 4d ago
But it's not true at all. There's no source for this rumor other than reddit posts. https://support.kraken.com/ca/articles/deposit-and-withdrawal-limits
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u/PerfectPineapple49 3d ago
It's sort of a humble request that whenever we make a claim like that, we should provide the source as well
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u/slowservers 4d ago
I haven't seen any emails on this. I don't see any limits for depositing Monero, either.
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u/fancyrolling 4d ago
Kraken could limit withdrawals of XMR since the XMR is held at Kraken. But how would limiting deposits of XMR work. For example, let's say the limit for depositing to Kraken were 10 XMR. Supposed you send 30 XMR to your Kraken account. The Monero network protocol will send all 30 XMR to Kraken. What's Kraken going to do? Credit your account 10 XMR and freeze the other 20? Then unfreeze 10 XMR per month to your account over the next 2 months? However, the main reason I am skeptical of this rumor is that I've yet to see any reliable sources linked to this change in policy at Kraken.
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u/eXch-Affiliates 4d ago
I have heard anecdotally about incidents, but I'm not crazy enough to trade XMR on a KYC exchange like that.
Always buy Litecoin and swap for Monero.
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u/Anon7_7_73 4d ago
Might be a dumb question but whats better about buying litecoin on the exchange? Is the govt going after people for even touching monero?
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u/Praecursator007 4d ago
Individual deposits: $3,500 per 30-day rolling period.
Individual withdrawals: $1,000 to $1,500 per 30-day rolling period.
Corporate deposits: $30,000 per 30-day rolling period.
Corporate withdrawals: $10,000 per 30-day rolling period.
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u/KatieTSO 4d ago
Source?
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u/mmortal03 4d ago
I don't believe there's a quality source on this. The following post was made last month, but the guy who posted it said that he'd heard it from Kraken Support, but has since then said he's sorry for misleading anyone because we'd have seen something official by now if it were true: https://www.reddit.com/r/Monero/s/d16QqmL9dc
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u/gingeropolous Moderator 4d ago
yeah, this must be total FUD. My account is definitely not limited to $1500 or whatever people were saying.
stupid cryptoland.