Kraken Demands New Addresses for Monero Deposits

The Kraken team has announced that the old format XMR addresses would expire today, January 30. In an email seen by Cryptoinfowatch, the Kraken team stated that the switch to XMR subaddress format  is essential because it promotes the popular preference of Monero users.

“On January 30, Kraken will be performing a routine upgrade to improve our Monero (XMR) deposit system. At this time, we’ll be switching over to Monero’s subaddress format, which has fast become the favored format in the Monero community for its privacy advantages.”

The new operational policy takes effect from 14:30 UTC on January 30 after which all investors in XMR must generate the supported address format. This is required new deposits as assets already deposited with Kraken will not be affected.

Furthermore, monero is the only asset that this new policy has affected even though it is still possible to receive the funds if the owner mistakenly used the old address. The exchange however warns that the receipt of such funds would take longer than necessary. This is why it is mandated that customers of Kraken wishing to make monero deposits upgrade to the new XMR address format.

The essence of the update is to avoid delays and the inconveniences associated with it. This delay could take weeks if not months according to Kraken. So it makes sense to avoid it.

Regarding withdrawal addresses, the release states:

“Current withdrawal addresses can be used after January 30, but we recommend that clients create new withdrawal addresses after January 30 by providing an address, sub-address or integrated address. The separate payment ID field will no longer be used and will be removed for new withdrawal addresses.”


Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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