Kraken Restores Monero Deposits | Controversial 720 Confirmations Required
Edited By
David Thompson
Kraken has reactivated deposits for Monero (XMR), but with a hefty new requirement: 720 confirmations before crediting. This has sparked backlash among users who question the excessive confirmation period.
The change follows rising concerns about Monero's security amid hash rate consolidation under a single entity. Users on various forums voiced frustration, with one commenting, "720 confirmations are they off their rockers?" The dialogue raises questions about Kraken's approach to managing risks associated with Monero transactions.
User Reactions
Many have highlighted how other exchanges, like KuCoin, have adopted lesser confirmation limits, intensifying the criticism directed at Kraken. A user noted, "KuCoin only increased to 50/150 confirmations; 720 is just wild!" The sentiment is notably negative, with several individuals suggesting that this move could deter trading activity.
Another user expressed skepticism about Kraken's operational capabilities: "Gives Kraken enough time to cover their non-existent Monero." Commenters also exhibited confusion around the deposit process, with one wondering, "Where else would deposits go?"
What’s Next for Monero on Kraken?
The brooding uncertainty could lead Kraken to halt deposits again in the future. The platform maintains discretion over crediting, hinting at instability concerning Monero's infrastructure. Given the comments like, "This should result in converging prices again," investors are left wondering how these developments will impact XMR’s market dynamics.
"This was in reference to deposits. Monero deposits re-enabled but have serious restrictions," stated an observant user.
Key Insights
△ Users prominently criticize 720 confirmations as excessive
▽ Comparison with other exchanges reveals frustration
※ "Gives Kraken enough time to cover their non-existent Monero" - Common sentiment
Will these excessive confirmation requirements tarnish Monero's trading experience on Kraken? Only time will reveal the answer.
Future Outlook for Monero Trading on Kraken
There’s a strong chance that Kraken may reconsider its deposit requirements if the backlash continues. With many people comparing their stringent 720 confirmations to the much lower thresholds set by competitors like KuCoin, the pressure might lead to adjustments. Experts estimate that if a significant drop in trading volume occurs, Kraken could face a real threat to its user retention, necessitating a reevaluation of their Monero deposit policy within the next few months. Failure to act might not only cost them business but also raise concerns about their commitment to the Monero community.
Reflecting on the Past for Clarity
A non-obvious parallel can be drawn to the early days of mobile phone contracts in the 2000s. Initially, customers faced lengthy agreements and hidden fees that made switching carriers cumbersome. Just as Monero traders express frustration with Kraken’s new deposit rules, mobile users were equally irked by their providers’ rigid policies. This backlash eventually led to a wave of competition and more flexible options in the industry, illustrating how consumer dissatisfaction can prompt change—even in the most entrenched systems.