Kraken crypto exchange resumes trading
The digital exchange was out of service for more than 44 hours and remains susceptible to further disruption.
Cryptocurrency exchange Kraken is back online and offering free trading to all investors until January 31 after encountering a bug which delayed the re-opening of market trade during system upgrades and maintenance.
In a blog post on Saturday morning, the Kraken Team said all existing orders had been cancelled prior to trade resuming and that trading pairs launched with no orders on the books. All funds in previously open orders were returned to user’s available balances, while margin positions remain open and margin liquidations will be paused for at least 48 hours. The creation of new margin positions has also been disabled for at least 48 hours.
“Clients should be extremely careful with market orders and double-check limit order prices in an illiquid market,” the statement said.
The exchange website was inaccessible for more than 44 hours, since 9 p.m. ET Thursday, January 11. During that time users were unable to deposit, withdraw, trade or cancel funds on the US-based virtual network.
Kraken was working to track down an “elusive bug” which had been holding up the re-launch of services.
In its latest update, the team also reminded users that withdrawals had been disabled and will remain disabled for at least 12 hours, during which time the new system will be monitored for anomalies. Investors should allow up to two business days for all existing and future fiat or crypto deposits to be credited to accounts.
Margin position, open, and rollover fees have been reduced to 0.005% until January 31, 2018, while all unleveraged trades will have zero fees imposed upon them until the same date.
Additionally the Kraken Team said that new account verifications would be delayed and were “lowest priority”. Tier upgrades of existing accounts will have priority above new accounts.
All funds remained secure during the outage, according to Kraken’s statement.
“We apologize for the uncertainty our downtime has caused,” The Kraken Team said.
The scheduled downtime was to replace the exchange’s trading engine. Kraken said there was “more work to do” before the new trading engine can operate at its ideal capacity, but that this was an important first step.
Kraken promised to provide “further insight into the downtime and a description of actions” they plan to take in a blog post in the coming days but warned that the website remains susceptible to being shut down again.
“The site will come down if needed, which may occur with little to no notice. Please continue to refer to status.kraken.com for real-time updates and important announcements over the next few days,” the team said.
Previously, when accessing Kraken’s website, visitors were presented with just a few simple lines of text.
“Kraken is presently offline for maintenance. While maintenance is underway, the website and API will not be reachable, and orders will not be able to be placed or canceled,” The Kraken Team’s notice said.
Earlier this week, the team issued a statement indicating a systems upgrade would occur on Thursday evening.
Services were initially estimated to be offline for “about two hours” or “possibly longer”.
Kraken has no phone number but the Business Development team responded to a support ticket media query.
“As you probably know we run a major upgrade that took longer than expected. If you are a Kraken client you should have received an email with info on the upgrade and the path for the next days. However, you can check news and updates on our twitter and blog,” a Kraken Team spokesperson told finder.com.
This isn’t the first time Kraken has suffered downtime issues. A quick scan of the company’s Twitter feed will give you an idea as to the extent of the complications, interruptions and perpetual upgrades users encounter.
Many major cryptocurrency platforms have denied access to new clients in the past few months, including China’s Binance exchange, US-based exchange Bittrex, UK-based network CEX.IO and Hong Kong’s Bitfinex.
However, this week, after denying requests for weeks, Bitfinex re-opened registrations adding equity terms.