Crypto License required for opening Kraken account

[AtMo]

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!

 

[JohnnyDoe]

Where is your company registered?

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[Sols]

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.

 

[AtMo]

It's a UK LLP

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?

 

[CyprusLawyer101]

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?

 

[AtMo]

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]

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

 

[CyprusLawyer101]

How many members are there?

 

[AtMo]

Thanks for your recommendation, I will contact them.

only 2 members.

 

[CyprusLawyer101]

Its strange that you are recieving this treatment.

 

[JackAlabama]

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

 

[Lincoln Burrows]

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.

 

[vehzag]

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