<p class="is-style-lead">Kraken is experiencing delays in deposits and withdrawals due to issues with multiple crypto funding gateways such as bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">BTC</a>), ether (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">ETH</a>), and ERC20.</p>



<p>On June 6, Kraken announced that it is addressing an issue causing delays in deposits and withdrawals of several cryptocurrencies. The exchange has not disclosed the root cause of this problem.</p>



<p>This announcement first appeared on the company&#8217;s <a href="https://status.kraken.com/" data-type="URL" data-id="https://status.kraken.com/" target="_blank" rel="noopener">status page</a> at 7:44 am UTC, followed by two updates indicating that the team is diligently working on a solution. <a href="https://www.reuters.com/technology/kraken-says-investigating-an-issue-with-several-crypto-funding-gateways-2023-06-06/" data-type="URL" data-id="https://www.reuters.com/technology/kraken-says-investigating-an-issue-with-several-crypto-funding-gateways-2023-06-06/" target="_blank" rel="noopener">Reuters</a> and other media outlets quickly noticed it.</p>



<p>The crypto exchange is concurrently grappling with multiple legal challenges. In February, Kraken <a href="https://crypto.news/crypto-mom-disagrees-with-sec-over-krakens-staking-ban/" data-type="URL" data-id="https://crypto.news/crypto-mom-disagrees-with-sec-over-krakens-staking-ban/">agreed</a> to a $30 million settlement with the Securities and Exchange Commission (SEC) over allegations that its staking service was conducting an illegal securities sale.</p>



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<p>Kraken is also contesting demands from the Internal Revenue Service (IRS) for user data, claiming that such requests constitute unjustifiable intrusions. In response, it has petitioned a federal court in San Francisco to stop the IRS&#8217;s investigation into its users&#8217; potential underreporting of tax obligations.</p>



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<p>Earlier this year, the IRS requested information on Kraken users who carried out at least $20,000 of cryptocurrency transactions annually from 2016 through 2020. Kraken <a href="https://crypto.news/kraken-fights-back-after-irs-demands-user-information/" data-type="URL" data-id="https://crypto.news/kraken-fights-back-after-irs-demands-user-information/">perceives</a> this as an unwarranted hunt for hidden revenues.</p>



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Kraken faces issues with funding gateways, deposits and withdrawals affected

crypto.news

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