Crypto License required for opening Kraken account

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AtMo

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Hi everyone,

I’m trying to open a Kraken account for my company, but Kraken is asking for a crypto license. I explained that the company is using its own funds on Kraken, so I don’t think a crypto license is needed in this case. However, they are requesting a legal opinion letter explaining why licensing is not needed.

I'm a bit stuck on what to do next. Do I need to hire a lawyer for this? If so, can anyone recommend a good lawyer experienced with this kind of situation? Any advice or suggestions would be greatly appreciated!


Thanks in advance for your help!

 

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JohnnyDoe

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#2

• Jun 12, 2024

• #2

Where is your company registered?

 

Sols

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#3

• Jun 12, 2024

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Sounds like Kraken has identified something in your business activities that they believe is or can be a regulated activity.

They are usually very reasonable to open accounts with, but maybe they made a mistake here. Have you asked them why they want a license or legal opinion?

Your options are to negotiate with them, get the legal opinion, get a license (probably overkill if you're sure you don't need one), or go with another exchange.

 

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A

AtMo

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#4

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• #4

JohnnyDoe said:

Where is your company registered?

Click to expand...

It's a UK LLP

Sols said:

Your options are to negotiate with them, get the legal opinion, get a license (probably overkill if you're sure you don't need one), or go with another exchange.

Click to expand...

Thanks for your response, I think I will try to get a legal opinion if possible, do you have any attorney to recommend by any chance?

 

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CyprusLawyer101

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#5

• Jun 12, 2024

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I think they failed to understand what you are doing.
Who are the members of your LLP? Do you have a general parter/ limited partner distinction?

 

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AtMo

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#6

• Jun 13, 2024

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CyprusLawyer101 said:

I think they failed to understand what you are doing.
Who are the members of your LLP? Do you have a general parter/ limited partner distinction?

Click to expand...

Thanks for your response. Our LLP members are all residents of the UAE and are natural persons. We do not have a general partner/limited partner distinction.

 

JohnLocke

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#7

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So you need a UK attorney, try call Turner Little - they are active here @James Turner from time to time - but better call their office directly!

website is Offshore Company Formation | Bank Accounts & Services | Turner Little

 

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CyprusLawyer101

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AtMo said:

Thanks for your response. Our LLP members are all residents of the UAE and are natural persons. We do not have a general partner/limited partner distinction.

Click to expand...

How many members are there?

 

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AtMo

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#9

• Jun 13, 2024

• #9

JohnLocke said:

So you need a UK attorney, try call Turner Little - they are active here @James Turner from time to time - but better call their office directly!

website is Offshore Company Formation | Bank Accounts & Services | Turner Little

Click to expand...

Thanks for your recommendation, I will contact them.

CyprusLawyer101 said:

How many members are there?

Click to expand...

only 2 members.

 

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CyprusLawyer101

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#10

• Jun 13, 2024

• #10

AtMo said:

Thanks for your recommendation, I will contact them.


only 2 members.

Click to expand...

Its strange that you are recieving this treatment.

 

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JackAlabama

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#11

• Jun 14, 2024

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kraken sometimes plays stupid when it comes down to purely foreign owned usa llcs.

 

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Lincoln Burrows

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#12

• Jun 18, 2024

• #12

I believe you've written something in the questionnaire indicating you're trading crypto as a business activity.

I had a UK LTD onboarded at Kraken a year ago, and I wasn't asked that.

However, I was asked to provide the license when I onboarded my crypto VASP company, which is obvious.

 

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vehzag

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#13

• Jun 18, 2024

• #13

AtMo said:

Hi everyone,

I’m trying to open a Kraken account for my company, but Kraken is asking for a crypto license. I explained that the company is using its own funds on Kraken, so I don’t think a crypto license is needed in this case. However, they are requesting a legal opinion letter explaining why licensing is not needed.

I'm a bit stuck on what to do next. Do I need to hire a lawyer for this? If so, can anyone recommend a good lawyer experienced with this kind of situation? Any advice or suggestions would be greatly appreciated!


Thanks in advance for your help!

Click to expand...

Had the same question from many institutions
Just gave them the legal opinion from local lawyers

 

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