Exchanges are regarded by many in the cryptocurrency world as a necessary evil. They provide liquidity and an on-ramp from fiat currency, but many other aspects of their service leaves a lot to desired. From onerous KYC requests to sudden withdrawal of service, nary a week goes by without major exchanges leaving customers seething. This week, Coinbase and Kraken have been bearing the brunt of the rage, but there’s good news from Bitfinex at least, which is open for registrations again with a $10k fiat or crypto minimum.
Kraken Goes Down and Stays Down
Cryptocurrency exchanges are frequently forced offline for maintenance, but such outages usually take less than an hour to resolve. Kraken announced that it would be going offline on Thursday January 11, and was expected to be back the same day. 24 hours later though and there’s no sign of the exchange, with an update posted at 7am on Friday January 12 stating:
We are still working to resolve the issues that we have identified and our team is working around the clock to ensure a smooth upgrade. This means it may still take several hours before we can relaunch the site.
Kraken’s service has been the subject of jokes and discontent for months, but it had been hoped that recent infrastructure upgrades had laid these problems to rest.
Coinbase Can’t Code
Cryptocurrency exchanges have been having a hard time this week, whether it’s customers complaining about being “grandfathered” by Bittrex – trapped inside the exchange with no means of withdrawal while interminable verification procedures play out – or Bitstamp asking Read More Here