Cryptocurrency exchange Kraken pledges more than $10 million to support Ukrainian users

Kraken plans to provide more than $10 million in assistance to customers affected by the military conflict in Ukraine. This amount covers expenses paid by Ukrainian residents for nearly a decade and will also include fees withheld from Russian businessmen in the first half of 2022.

Kraken Exchange will provide $1,000 in Bitcoin to each eligible Ukrainian customer

U.S.-based cryptocurrency exchange Kraken is preparing to distribute $10 million to Ukrainian customers who have suffered from the Russian invasion. The platform announced in a blog post that between March 10 and July 1, customers who create an account from Ukraine with "Intermediate" or "Pro" level verification by March 9, 2022 will be eligible to receive $1,000 in Bitcoin (BTC). BTC) posted and on social media.

Kraken will distribute over $10 million worth of money to help πŸ‡ΊπŸ‡¦ Ukraine customers. The 1st batch of recipients will receive $1,000 in #BTC, which will be available for withdrawal tomorrow. The package is funded by historical revenues from Ukraine and revenues from Russian trade in the first half of 2022. https://t.co/DdkY2TsVoB

– Kraken Exchange (@krakenfx) March 9, 2022

Ukrainian users will be able to withdraw funds from the exchange immediately, while eliminating currency exchange fees of up to $1,000. The first of the three phases of the program will be approximately equal to the total amount of fees paid by Ukrainian residents since 2013.

It will also donate the equivalent of the fees paid by Kraken users in the Russian Federation in the first half of the year. The exchange said it may provide additional assistance in the future. Commenting on the deepening crisis in Ukraine, Kraken CEO Jesse Powell said.

We hope to continue to provide critical financial services to our customers in Ukraine and Russia in their time of need. Cryptocurrency remains an important humanitarian tool, especially at a time when many people around the world no longer rely on traditional banks and custodians.

Following Moscow's offensive in late February, the Kiev government urged cryptocurrency exchanges to freeze the accounts of Russian users. However, major global platforms, including Kraken and Coinan, denied requests to unilaterally impose such restrictions on all traders from Russia. At the time, Powell noted that this was not a viable business option for his company.

Aid Distribution is Kraken's first such international initiative and represents an effort to align its operations with the values of the cryptocurrency community, such as the belief that all global citizens should have access to financial services. "This includes our customers in Russia who may be actively trying to protest the ongoing conflict," the exchange commented, elaborating.

We believe this assistance program benefits both our company and our clients by ensuring that no one is disenfranchised as a result of the actions of their representatives and leaders.

Kraken further emphasized that it is ready to respond to requests from authorities in the affected regions and is closely monitoring the situation in Ukraine to ensure its compliance with the relevant sanctions. The announcement also provides detailed information on how cryptocurrency assistance is distributed and the eligibility requirements that apply.

Ukrainian officials and volunteer corps turnover extremely seek to obtain funds through cryptocurrency donations. Digital funds raised since the start of the conflict have been used to fund defense efforts and address humanitarian issues.

Cryptocurrency, the world's leading cryptocurrency exchange by volume, is also supporting humanitarian efforts in Ukraine. The platform announced a $10 million donation to the people of Ukraine, and the Cryptocurrency Charity Foundation provided $2.5 million worth of cryptocurrency to UNICEF to meet the needs of children and their families.

You can support Ukrainian families, children, refugees and displaced persons by donating BTC, ETH and BNB to Coin Charity's Ukraine Emergency Relief Fund.

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