Kraken's shady business...

[camosoul]

They say you need to be "Tier 3 Verified" to withdraw Fiat to a Bank Account.

But, part of the Tier 3 Verification Process is to upload a picture of yourself, holding your ID, and also holding a piece of paper with a statement to the effect that you will trade only Cryptocurrency, with the date and your signature.

Seems rather contradictory... I see no reason to bother using their service if it doesn't do what it says it does, and I'm required to sign a piece of paper saying that I'll not use the service for it's purpose.

 

[Tallyho]

I think you're misinterpreting the text. The reason for holding up the piece of paper, I'm confident, is only to prove that the photograph was taken specifically for the purpose of Kraken verification, and not stolen or bought online as a fake identity.

I'd also argue that there is nothing contradictory about stating that the photograph is for the purpose of trading cryptocurrency, since every trade on Kraken requires at least one side of the trade to be in cryptocurrency. There is no fiat-to-fiat exchange option and you're certainly not using Kraken to trade carrots.

I understand why this raised alarm bells for you but I don't think there's any need.