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HomeLaw & PoliticsKraken donates over $10 million to clients affected by Ukraine-Russia war

Kraken donates over $10 million to clients affected by Ukraine-Russia war

Kraken intends to distribute more than $10 million in relief to clients affected by Ukraine's current turmoil.

Kraken, US based- cryptocurrency exchange, is ready to donate $10 million to Ukrainian consumers affected by the Russian invasion. Users who opened an account from Ukraine before March 9, 2022, at “Intermediate” or “Pro” level authentication, will be able to earn $1,000 in bitcoin (BTC) between March 10 and July 1, the platform stated in a blog post and on social media.

Ukrainian users will be able to withdraw cash from the exchange immediately, and currency conversion costs of up to $1,000 will be eliminated. The first of three scheduled tranches will be roughly similar to the sum of fees paid by Ukrainian citizens since 2013. Ukrainian users will be able to withdraw cash from the exchange immediately, and currency conversion costs of up to $1,000 will be eliminated. The first of three scheduled tranches will be roughly similar to the sum of fees paid by Ukrainian citizens since 2013.

A portion of the fees paid by Kraken users in the Russian Federation in the first half of this year will also be donated. According to the exchange, extra assistance may be granted in the future. Kraken CEO Jesse Powell commented in response to the escalating conflict in Ukraine, stating that the company will continue providing crucial financial services in times of need to both our Ukrainian and Russian clients. Cryptocurrency continues to be a vital humanitarian tool, particularly at a time when many people throughout the world can no longer rely on traditional banks and custodians.

After Moscow initiated its onslaught in late February, the Ukrainian authorities pushed cryptocurrency exchanges to suspend Russian consumers’ accounts. However, prominent global platforms including Kraken and Binance have rejected the desire to unilaterally impose such limitations on all Russian traders. Powell stated at the time that this was not a realistic business proposition for his company.

The charity distribution is Kraken’s first such international project, and it underscores attempts to match its company with crypto community principles, such as the conviction that all global residents should have access to financial services. This includes our clients in Russia, who may be actively attempting to oppose the ongoing crisis, the conversation started, before expanding that this assistance programme benefits both our organisation and our clients by guaranteeing that no one gets disenfranchised as a result of the conduct of their representatives and leaders. 

Kraken also stated that it is prepared to react to inquiries from authorities in impacted areas and is actively monitoring the situation in Ukraine to guarantee compliance with appropriate sanctions. The notification also includes specifics on how the crypto assistance would be disbursed as well as the related qualifying standards.

Ukrainian government and volunteer organisations have aggressively sought money through cryptocurrency donations. Since the beginning of the conflict, digital funds have been utilised to fund both defence activities and humanitarian relief.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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