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Kraken Donates Trading Fees from Russian Accounts to Ukraine

Kraken revealed its first-ever international aid package to support victims of the ongoing Russian war in Ukraine. 

Starting today, one of the world’s largest crypto exchanges will distribute more than $10 million to its impacted Ukrainian clients via direct transactions. 

$1,000 worth of Bitcoin donations will be distributed to Kraken clients who created an account from Ukraine before March 9, 2022. The exchange said it will continue distributing donations that can be immediately withdrawn without any conversion fees until July 1.

In addition to that, San Francisco-based Kraken will donate the total amount of trading fees that the exchange earns from its Russia-based client transactions to Ukrainian clients. The decision will remain in force until the end of the first half of 2022.

“Cryptocurrency remains an important humanitarian tool, especially at a time when many around the world can no longer rely on traditional banks and custodians, ”said Jesse Powell, CEO of Kraken.

The exchange also confirmed that its 600 employee compliance team continuously monitors the situation in the Ukraine and Russia and collaborates with governing authorities to ensure compliance with the relevant sanction requirements.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Simona is a fintech journalist and content editor at DailyCoin Academy, which focuses on educating new crypto investors. She entered the crypto space in early 2018, got burned, but discovered a passion for trading, and now it’s her hobby. Simona covers crypto and blockchain-related topics and takes a deeper look at what lies behind the latest industry trends.