kraken can't deposit

Kraken temporarily suspends deposits of ETH and USDT (ERC-20) as a precautionary measure for the upcoming Ethereum network upgrade.

Oct 29, 2024 at 06:12 pm

Kraken Exchange Update: Deposit Restrictions

1. Background:
On March 15, 2023, Kraken announced that it would temporarily suspend deposits for the following digital assets:

• Ethereum (ETH)
• USDT (ERC-20)

2. Reason for Restrictions:
The suspension was implemented as a precautionary measure in response to the upcoming Ethereum network upgrade (Shanghai-Capella).

3. Impact of Restrictions:
During the suspension period, users will not be able to deposit ETH or USDT (ERC-20) to their Kraken accounts. However, withdrawals of these assets are still permitted.

4. Timeline:
The suspension is expected to last until the completion of the Ethereum network upgrade, which is scheduled for March 16, 2023. Kraken states that it will provide further updates as new information becomes available.

5. Alternative Deposit Options:
While ETH and USDT (ERC-20) deposits are restricted, Kraken still supports deposits in other digital assets, including:

• Bitcoin (BTC)
• Dogecoin (DOGE)
• Litecoin (LTC)
• USD Coin (USDC)

6. Recommendations:
Kraken advises users to consider the timing of their deposits and withdrawals during this period. Users are also encouraged to use wallet addresses that support native ETH or native USDT (TRC-20) to ensure smooth transactions.

7. Conclusion:
The temporary suspension of ETH and USDT (ERC-20) deposits on Kraken is a precautionary measure taken in anticipation of the Ethereum network upgrade. Users are advised to plan their deposits and withdrawals accordingly. Kraken expects to resume deposits once the upgrade is complete.