Kraken was once the first exchange to introduce proof of reserves and during last years FTX debacle they earned a lot of trust by the community for claiming to be better and doing regular audits.

On their website they claim that they (plan to) do 2 audits per year, but actually the last audit happened more than one year ago in June 2022 (5 month before FTX went down, and nothing ever since!).

More information on the audit by third party firm "armanino": https://proof-of-reserves.trustexplorer.io/clients/kraken?utm_source=content+announcement&utm_medium=blog&utm_campaign=por+announcement&utm_content=content+link

Furthermore the audit includes only BTC, ETH, USDT, USDC, XRP, ADA and DOT missing important coins like XMR (which is known to be fractionally reserved on other CEX, as well as BCH, LTC, BNB, DOGE, LINK,...

Kraken and Coinbase have been general recommendations by people here in this sub and elsewhere and they have gained a lot of reputation after FTX went down being able to show their proof of reserves long before it was misused for marketing purposes by other more shady CEX all lacking a proper proof of liabilities.

Not publishing regular audits as intended should be seen as an early warning sign that some things (at least some internal processes) are off. https://www.kraken.com/proof-of-reserves

Also they are mass closing old and new accounts since around the same time of the last audit: https://www.trustpilot.com/review/kraken.com

It's about time to publish a new audit /u/jespow

And this time include more cryptoassets like XMR, BCH, LTC,...

Don't trust. Verify. They said