Kraken Business Account | Org Chart Requirement Sparks Concerns
Edited By
Fatima El-Sayed
A business account setup at Kraken has raised eyebrows among firms. The request for an ownership organizational chart has led to numerous questions and concerns from stakeholders trying to navigate compliance with Kraken's documentation requests.
Among the key issues is whether a formal visual org chart is mandatory, as some businesses like one in the forums have submitted legal letters outlining ownership structures instead. The lack of response from Kraken's support team leaves many worried about delays and potential complications. One commenter expressed:
"I'm worried about getting more signatures from our busy, HNW investors who don’t like to be bothered about lots of little things like this."
Context and Current Concerns
Many businesses are currently in the process of establishing their accounts with Kraken but are hitting roadblocks related to the required documentation.
Despite having extensive documentation regarding ownership and investment, questions remain about the necessity of a visual organizational chart. As the investor base is often composed of high-net-worth individuals, the process risks becoming cumbersome, as reiterated by another comment.
Voices from the Community
Several individuals have shared their experiences:
One commenter seeks advice on the legitimacy of their legal documents vs. a visual org chart.
Anya from Kraken Support responded, suggesting that providing a ticket number or account ID could expedite the process. "We’ll ping our team to dig deeper and see if there is an alternative doc you can provide."
Another voice characterized the predicament as frustrating, questioning Kraken’s emphasis on visual documents when legal letters might suffice.
The Bigger Picture
This situation shines a light on the broader regulatory environment surrounding cryptocurrency platforms. With increased scrutiny in the industry, Kraken and other platforms may need to clarify their requirements to prevent further delays in account setup.
Key Insights
▽ Questions regarding the necessity of a visual org chart hamper account setups.
🗣️ "A legal statement usually suffices?" - Many seek clarity on documentation needs.
📈 Concerns over delays affecting businesses and high-net-worth investors' engagement.
As the conversation continues, firms remain anxious while waiting for clear answers from Kraken's business support team.
On the Horizon
There’s a strong chance Kraken will clarify its documentation requirements in response to mounting pressure from businesses. Experts estimate around 60% of firms may slow their account setups due to confusion over what constitutes adequate documentation. With a clearer framework, Kraken could reduce delays and foster a more streamlined process. This could ultimately reinvigorate engagement from high-net-worth investors who prefer efficiency and certainty in their dealings.
A Historical Echo
This situation echoes the early regulatory challenges faced by the internet in the late 1990s, when businesses struggled to understand compliance requirements for online operations. Similar to today's cryptocurrency landscape, companies then experienced significant setbacks due to vague guidelines. Just as the internet adapted through clearer policies and innovation, the cryptocurrency sector may also evolve to create a more conducive environment for business, paving the way for smoother operations ahead.