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Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users

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Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users – Kraken intends to distribute more than $10 million in relief to clients whose lives have been disrupted by the military turmoil in Ukraine. The sum includes fees paid by Ukrainian citizens for nearly a decade, as well as levies withheld from Russian traders in the first half of 2022.

Kraken, a crypto exchange based in the United States, is ready to distribute $10 million to Ukrainian customers affected by the Russian invasion. Clients who opened an account from Ukraine before March 9, 2022, at the “Intermediate” or “Pro” level of verification, will be eligible for $1,000 in bitcoin (BTC) between March 10 and July 1, the platform stated in a blog post and on social media.

Users from Ukraine will be able to withdraw funds from the exchange quickly, and currency conversion fees for amounts up to $1,000 will be removed. The first of three proposed tranches will be roughly equal to the total amount paid in fees by Ukrainian citizens since 2013.

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There will also be a donation equal to the fees paid by Kraken users in the Russian Federation in the first half of this year. The exchange has stated that it may provide extra assistance in the future.

Also Read: Bored Ape Yacht Club Donates $1 Million in Ethereum to Ukraine Following Community Efforts

Jesse Powell, CEO of Kraken, commented on the ongoing situation in Ukraine, saying:

“We aim to continue to be able to provide crucial financial services to both our Ukrainian and Russian clients in times of need. Cryptocurrency is a valuable humanitarian tool, particularly at a time when many people throughout the world are unable to rely on traditional banks and custodians.”

After Moscow initiated its offensive in late February, Kyiv’s authorities pushed cryptocurrency exchanges to suspend Russian users’ accounts.

Major global platforms, like as Kraken and Binance, have, however, rejected the call to unilaterally impose similar limitations on all Russian users. Powell stated at the time that this was not a realistic business proposition for his company.

The aid distribution is Kraken’s first international endeavor, and it demonstrates the company’s commitment to aligning its business with crypto community principles, such as the belief that all global citizens should have access to financial services.

“This includes our Russian clientele, who may be actively protesting the ongoing crisis,” the discussion continued, adding:

“We feel that this assistance program benefits both our organization and our clients, guaranteeing that no one gets disenfranchised as a result of the conduct of their elected officials.”

Kraken also stated that it is prepared to respond to inquiries from authorities in affected areas and that it is closely monitoring the situation in Ukraine to ensure compliance with appropriate sanctions.

Also Read: Europe’s MiCA Crypto Rules Submitted, ECON Committee to Vote in Mid-March

Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users – The notification also includes specifics on how the crypto assistance would be awarded and the eligibility standards that must be met.

Ukrainian government and volunteer organizations have been actively seeking financing through cryptocurrency donations. Since the beginning of the crisis, the digital money earned has been utilized to fund both defense and humanitarian initiatives.

Binance, the world’s largest cryptocurrency exchange by trading volume, is also helping humanitarian operations in Ukraine. The platform announced a $10 million commitment to the people of Ukraine, while the Binance Charity Foundation gave Unicef $2.5 million in cryptocurrencies to help children and their families.

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