Do Not Use Kraken's Payment Processor Crypto Capital

[tufty]

I know a lot of people here use Kraken as their bitcoin exchange and I just wanted to warn against using the option to withdraw funds via the "Crypto Capital" option. This is a Panama based company called Crypto Capital Corp, website cryptocapital.co. I withdrew 12000 euros from Kraken a month ago via Crypto Capital 'swift'. It was not the first time and the previous maybe four occasions had all worked fine. This time the money has gone missing. I have been dealing with Kraken support, receiving one email update a day. But Crypto Capital is giving them the runaround, avoiding putting a trace on the swift, giving conflicting stories that can't all be true. Now either Crypto Capital are stupid and incompetent or this is possibly a scam. With the lies that have come out of Crypto Capital and the fact we are getting nowhere and that Kraken can't get the truth out of them, maybe it is a scam. Maybe it is an indicator they are going bust. It almost does not matter, just do not use 'Crypto Capital' when withdrawing from Kraken to avoid the stress I have been going through. By the way the telephone number for Crypto Capital has disappeared from their website, it was there last week, none of it looks good.

[TravG]

Man that is not cool. I use Kraken all the time but use Synapse Pay for US wires. So far it has been great but I guess we are all at the mercy of the processors.

In your case above, what kind of recourse do you have against Kraken and Crypto Capital? I would think at the end of the day Kraken would be responsible for the money until you actually receive it. Will they reimburse you eventually if Crypto doesn't make good? It just amazes me how much faith we all have to put in these companies to handle large amounts of money. But unfortunately we do not have many options but to do so. Kraken makes so little off of trades but handles so much currency it is almost scary. And I guess it is just not Kraken but all exchanges really.

Good luck and I hope someone steps up and makes this right for you. Hopefully it will all work out in the end.

[tufty]

Thank you. If Crypto Capital don't sort it out I guess I will have no recourse at all against them, being a Panama outfit. If they don't sort it out, then they have deliberately ripped me off so they will not care. I have pointed out to Kraken that they are responsible ultimately but I don't want to point the finger too much at them while they are still trying to sort it out. It seems they only email Crypto Capital, which seems a joke way to communicate when 11k is missing for a month and counting. Surely they can pick up the phone or something. If there is a lesson from this then if you actually have the choice, try to use Kraken's internal processing. None of it is without risk. In my case this was a way to get euros to a euro account. Using Kraken's own payment option means euros to british pounds account for me, which is more costly. But that is the way I will have to go from now on.

[tufty]

Update: quickly sorted out once I started posting on a few forums and using social media. My funds were returned today back into my Kraken account after Crypto Capital Corp confirmed they were never sent as they have a backlog. That despite Crypto Capital saying they had been sent and a load of other garbage. Kraken not at fault, Crypto Capital very dodgy and needs to be avoided.

[Sherlock]

Great job by Kraken and great social network skills of yours!

[star]

You should consider Bitpanda for Euro payments next time. I used them without any issues last month.