By Nathan Ferguson
Crypto exchange plans to offer over $10 million to help customers amid the Russia-Ukraine military conflict. The amount accounts for fees paid by Ukrainians in over a decade. Also, it will include funds withheld from Russian investors in 2022 Q1.
Kraken Exchange Pledges More than $10M to Help Ukrainian Customers
US-based cryptocurrency exchange Kraken prepared to distribute more than $10 million to Ukrainian clients suffering from the ongoing Russian invasion. Between 10 March and 1 July, users that created accounts from Ukraine before 9 March 2022 (at Intermediate or Pro level verification) can receive $1,000 in BTC. The exchange announced the move on social media and a blog post.
Ukrainian investors can withdraw the money from the exchange immediately. Moreover, the platform will waive currency conversion charges for cash up to $1K. The first of the three scheduled tranches will equal fees Ukraine residents paid since 2013.
Also, Kraken will donate an amount equal to charges paid by Russian Kraken users in 2022 Q1. The cryptocurrency exchange announced it might grant more aid in the coming future. Furthermore, Kraken executive Jesses Powell commented on the escalating conflict in Ukraine.
The CEO stated that they plan to offer critical financial services to customers in Russia and Ukraine. He added that crypto remains a vital humanitarian tool when individuals globally cannot depend on traditional custodians and banks.
The Ukrainian government had urged cryptocurrency exchanges to suspend Russian accounts after Moscow kick-started the war last February. Nevertheless, leading trading sites, including Binance and Kraken, declined the request. Powel stated that wasn’t a viable business move for his trading company.
The current donation is Kraken’s first initiative to support suffering Ukrainian and represented the platform’s efforts to line up its undertakings with values by the cryptocurrency community, believing global citizens deserve financial services access.
Kraken emphasized it is prepared to respond to any request from the affected areas and monitors the Ukraine situation to abide by applicable sanctions. Meanwhile, Ukraine volunteers and government have south to crypto donation amid Russian attack.
Binance, the leady cryptocurrency exchange by volume, declared donating $10 million to help Ukrainians. Also, Binance Charity Foundation offered crypto worth $2.5 million to Unicef to support needy children and families in Ukraine.
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