Account
Private customer
Type
Private account
Status
Pending
A long-time private Kinesis customer asked to redeem tokenized silver for physical bars in a Zurich vault. The requests are registered, but not executed.
Kinesis redemption timeline
30 Oct 2026: Physical silver redemption requested, for storage in a Zurich vault. The request is registered.
30 Oct 2026: Formal dispute notice sent under the Kinesis Terms of Use.
2 Nov 2026: Second redemption request submitted, for several hundred ounces.
3 Nov 2026: Dispute notice served again at the legal notice address, by email and registered post to Grand Cayman.
3 Nov 2026: Complaint filed with the Cayman Islands Monetary Authority (CIMA).
Status 6 Nov 2026: No delivery date, no fee quote and no written reason for the delay. The silver tokens are still in the account.
What Kinesis has said about this redemption
Summarised from emails with Kinesis, in our own words.
2 Nov: the redemption requests are received and registered. All redemptions are on hold during the October global audit.
2 Nov: stated fees: 0.45% of the KAG amount, a $100 processing fee and shipping to be quoted. Metal that leaves the Kinesis vaults may not be accepted back.
3 Nov: the audit is the regular biannual audit by Bureau Veritas. It started on 28 October and was expected to take about two weeks. According to Kinesis, earlier audits also put redemptions on hold.
3 Nov: the Zurich vault operators are Loomis and Malca-Amit. A transfer in bond to another Zurich vault is possible, subject to the receiving vault.
3 Nov: after the audit, Kinesis will review vault availability, inventory allocation and the operational arrangements before confirming next steps.
What is asked of Kinesis
Completion of every redemption, with a confirmed delivery date in writing.
Written confirmation of which vault holds the silver.
The specific contractual reason for any delay.
