To support the victims of the ongoing Russian invasion of Ukraine, Kraken is preparing an ambitious relief package that will distribute more than $10 million directly to affected customers.
Starting tomorrow and running through July 1, Kraken clients who created an account in Ukraine before March 9, 2022 will be eligible to receive $1,000 worth of bitcoin that can be immediately withdrawn from our exchange. Currency conversion fees of up to $1,000 will also be waived at this time.
“We look forward to continuing to provide critical financial services in a time of need for both our clients in Ukraine and Russia,” said Jesse Powell, CEO of Kraken. “Cryptocurrency remains an important humanitarian tool, especially at a time when many around the world can no longer trust traditional banks and custodians.”
As part of the effort, Kraken will also donate an amount equal to the total trading fees paid by Russia-based clients in the first half of 2022 to the relief package. Additionally, additional aid may be announced as the crisis continues to unfold.
The announcement marks Kraken’s first international aid distribution. It also represents our ongoing effort 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 authorities in the affected regions, and our 600-person compliance team continuously monitors the situation to ensure we are in compliance with relevant sanctions requirements.
We believe this relief program benefits both our company and our customers, ensuring that none are disenfranchised by the actions of their representatives and leaders.
More details about the distribution and its eligibility requirements can be found below:
Section 1
Delivery date: March 10, 2022
Tranche 1 Qualification Requirements:
Account created in Ukraine before March 9, 2022 Account with ‘Intermediate’ or ‘Pro’ level verification as of March 9, 2022 Account maintained a balance at any time Account must log in before May 1, 2022 to claim leave
Distribution Tranche 1 (both, to each enabled account):
$1,000 USD in BTC, which can be withdrawn immediately $1,000 USD in Kraken Fee Credits (KFEE), which will offset future currency conversion fees
The amount of BTC distributed in Tranche 1 is roughly equivalent to the total fees paid to Kraken by residents of Ukraine since 2013.
Section 2
Delivery date: April 1, 2022
Tranche 2 Qualification Requirements:
Account created in Ukraine before March 9, 2022 Account in ‘Intermediate’ or ‘Pro’ level verification as of April 1, 2022 Account must log in before May 1, 2022 to claim delivery Did not receive the Section 1
The delay in distribution gives Ukraine residents time to complete the ‘Intermediate’ verification level process. It is not a requirement to have maintained a balance to receive Tranche 2.
Tranche 2 Distribution (both, to each enabled account):
$
Section 3
Release date: various throughout the second quarter of 2022, to be determined
Tranche 3 Qualification Requirements:
Account created in Ukraine before March 9, 2022 Account in ‘Intermediate’ or ‘Pro’ level verification Account must login before August 1, 2022 to claim drop
Tranche 3 Distribution (to each qualified account):
$
For more information, visit the Kraken grants page.
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This post Kraken will distribute more than $10 million in aid to clients affected by the Ukraine crisis
was published first on https://blog.kraken.com/post/13215/kraken-to-distribute-over-10-million-in-aid-to-clients-impacted-by-ukraine-crisis/
