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Kraken Donates Trading Fees From Russian Accounts to Ukraine -Breaking

by Mike Robinson

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Kraken Donates Trade Fees from Russian Accounts to Ukraine

Kraken announced its first international aid package in support of victims of Ukraine’s Russian War.

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

Kraken clients that opened accounts from Ukraine in the past March 9-2022 will get $1,000. According to the exchange, donations can still be withdrawn immediately without conversion fees up until July 1.

Kraken, a San Francisco-based exchange, will also donate to its Ukrainian clients all trading fees it earns from Russian-based transactions. This decision will be in effect until 2022’s first-half.

“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.

According to the exchange, 600 members of its compliance team are constantly monitoring the Ukraine/Russia situation and working with government authorities in order to comply with sanctions.

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