Kraken Donates Trading Fees from Russian Accounts to Ukraine

Announced its first-ever aid package to support victims of the ongoing Putin’s war in 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. 

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$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 The exchange said it will continue distributing donations that can be immediately withdrawn without any conversion fees until July 1.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 as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Simona Ram

Simona Ram is a senior journalist at DailyCoin, based in Lithuania, who covers the forces and people shaping the Web3 industry and the areas where decentralized crypto assets meet the centralized world. She has experience in business communication within the financial sphere and has a degree in Foreign Languages, which helps her interact effectively with sources from diverse backgrounds. In her free time, Simona enjoys exploring new cultures.