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Kraken distributes more than $10 million in aid to customers affected by the crisis in Ukraine


To support victims of the ongoing Russian invasion of Ukraine, Kraken is preparing an ambitious aid package that will distribute more than $10 million directly to affected customers. Starting tomorrow and running until July 1, Kraken customers who have created an account in Ukraine before March 9, 2022 will be eligible for $1,000 in bitcoin that can be withdrawn immediately from our exchange. Currency conversion fees up to $1,000 are also waived at this time. “We hope to continue to provide critical financial services to both our customers in Ukraine and Russia in a time of need,” said Kraken CEO Jesse Powell. “Cryptocurrency remains an important humanitarian tool, especially at a time when many around the world can no longer rely on traditional banks and custodians.” As part of the effort, Kraken will also donate an amount equal to the total trading fees paid to the aid package by Russia-based clients in the first half of 2022. Furthermore, additional aid may be announced as the crisis develops. The announcement marks the first-ever international distribution of aid by Kraken. It also represents our ongoing efforts to align our business with the values ​​of the cryptocurrency community and its firm belief that all citizens of the world should have access to financial services. This includes our customers in Russia, who may be actively trying to protest the ongoing conflict. Kraken remains active in responding to requests from government agencies in affected regions, and our 600-person compliance team is continuously monitoring the situation to ensure we are complying with relevant sanction requirements. We believe this tool will benefit both our company and our customers, ensuring that no one is deprived of their rights by the actions of their representatives and leaders. More details on distribution and eligibility requirements can be found below: Tranche 1 Release Date: March 10, 2022 Tranche 1 Qualification Requirements: Account created in Ukraine before March 9, 2022 00:00 UTC Account on ‘Intermediate’ or ‘Pro’ level verification as of March 9 2022 Account had a balance at any time [before March 9] Account must log in before May 1, 2022 to claim the drop Tranche 1 distribution (both, for each qualified account): $1000 USD worth of BTC, which can be withdrawn immediately $1000 USD in Kraken Fee Credits (KFEE), which will be compensated Future Currency Exchange Fees The amount of BTC to be paid out in tranche 1 is approximately equal to the total fees paid to Kraken by residents of Ukraine since 2013. Tranche 2Drop Date: April 1, 2022 Qualification Requirements for Tranche 2: Account created in Ukraine before March 9, 2022 00:00 UTC Account on ‘Intermediate’ or ‘Pro’ level verification from April 1, 2022 Account must log in before May 1, 2022 to access the drop to claim Tranche 1 not received Due to the delay in distribution, Ukrainian residents have time to complete the ‘Medium’ verification level process. You do not need a balance to receive Tranche 2. Tranche 2 Distribution (both, to each Qualifying Account): $ USD to BTC, which can be withdrawn immediately for $500 USD in Kraken Fee Credits (KFEE), which offsets future currency conversion fees = The USD equivalent amount of bitcoin to be distributed in Tranche 2 is equal to the 2022 Q1 fees collected from accounts located in Russia divided by the number of eligible accounts in Ukraine. For example, if Kraken customers in Russia pay $5 million in fees in Q1 and there are 10,000 eligible accounts in Tranche 2, each account will receive $500 USD worth of BTC. Tranche 3Drop Date: Multiple during Q2 2022, TBD Tranche 3 Qualification Requirements: Account created in Ukraine before March 9, 2022 00:00 UTC Account on ‘Intermediate’ or ‘Pro’ level verification Account must log in before August 1, 2022 to claim the Tranche 3 drop Distribution (to each Qualifying Account): $ USD to BTC, which can be withdrawn immediately = Same formula as Tranche 2, except using 2022 Q2 fees collected from accounts in Russia. For more information, visit the Kraken grants page. Like this: Like loading…
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