HomeBitcoin NewsKraken Temporarily Disables PayCash Deposits And Withdrawals

Kraken Temporarily Disables PayCash Deposits And Withdrawals

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It appears the popular Kraken bitcoin exchange has run into some issues as of late. The company accepts a wide variety of different payment methods for deposits, although it appears PayCash has been temporarily suspended. Although this is not the fault of Kraken per se, it can cause some issues for people who rely on this payment method. For now, it remains unclear when the feature will be made available once again.

No More PayCash For Kraken Right Now

The one downside to supporting a wide variety of payment options is how things can go awry with one of these features for an unknown reason. PayCash is one of the many payment options Kraken has been accepted for some time now, yet it looks like the third-party payment service has been causing some issues as of late. For the time being, the service is interrupted, although no deadline was provided as to how long this issue will remain.

It is unclear what is wrong with PayCash exactly, although some users have been unable to deposit or withdraw funds in USD for a few days. One Reddit user stated how a PayCash USD withdrawal has been pending for seven days now, which is the allotted time limit to process such a transaction. While this money should be returned to his account balance on Kraken shortly, it still causes some friction.

It would appear the “connection” between Kraken and PayCash will need to be reset sooner or later. It is possible there is an API bug causing this problem, or maybe PayCash has some larger underlying problems right now. One thing is certain: Kraken aims to enable the PayCash feature for both withdrawals and deposits sooner rather than later. Unfortunately, they are unable to provide an ETA at this time.

It is not the first time PayCash causes issues for Kraken, though. Third-party service providers for third-party exchanges involve a lot of middlemen and a lot of things that can go wrong over time. There is no doubt the problem will be resolved soon enough, and services will resume as normal. For the time being, Kraken users are advised to use any of the other available solutions to deposit and withdraw fiat currency from the platform.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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