Kraken is putting together a massive assistance package to help victims of Russia’s ongoing invasion of Ukraine, with over $10 million going straight to those who have been affected.
Clients who opened an account with Kraken before March 9, 2022 will be entitled to receive $1,000 in bitcoin, which may be withdrawn immediately from our exchange, starting tomorrow and lasting until July 1. At this time, currency conversion expenses of up to $1,000 will be waived.
“We hope to continue being able to provide critical financial services in a time of need to both our clients in Ukraine and in 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 rely on traditional banks and custodians.”
As part of the effort, Kraken will also donate an amount equivalent to the total trading fees paid by Russia-based clients in the first half of 2022 to the aid package. Further, additional aid may be announced as the crisis continues to unfold.
Kraken’s announcement marks the company’s first-ever international aid disbursement
It also highlights our ongoing efforts to connect our business with the cryptocurrency community’s ideals, including the community’s strong view that all global citizens should have access to financial services. Our Russian clientele, for example, may be actively protesting the ongoing violence.
Kraken continues to respond to inquiries from governments in affected areas, and our 600-person compliance team is constantly monitoring the situation to ensure we are complying with relevant sanctions laws.
This assistance program, according to Kraken, serves both our organization and our clients, guaranteeing that no one gets disenfranchised as a result of the conduct of their representatives and leaders.
More details on the distribution and its eligibility requirements can be found below:
Tranche 1
Drop date: March 10, 2022
Tranche 1 Qualification Requirements:
- Account created in Ukraine prior to March 9, 2022
- Account at ‘Intermediate’ or ‘Pro’ level verification as of March 9, 2022
- Account held a balance at any time
- Account must log in by May 1, 2022 to claim the drop
Tranche 1 Distribution (both, to each qualified account):
- $1000 USD worth of BTC, which can be immediately withdrawn
- $1000 USD worth of Kraken Fee Credits (KFEE), which will offset future currency conversion fees
The BTC amount distributed in Tranche 1 is roughly equivalent to the total fees paid to Kraken by Ukraine residents since 2013.
Tranche 2
Drop date: April 1, 2022
Tranche 2 Qualification Requirements:
- Account created in Ukraine prior to March 9, 2022
- Account at ‘Intermediate’ or ‘Pro’ level verification as of April 1, 2022
- Account must log in by May 1, 2022 to claim the drop
- Did not receive Tranche 1
The delay in distribution allows time for Ukraine residents to complete the ‘Intermediate’ verification level process. There is no requirement to have held a balance to receive Tranche 2.
Tranche 2 Distribution (both, to each qualified account):
- $<TBD> USD worth of BTC, which can be immediately withdrawn
- $500 USD worth of Kraken Fee Credits (KFEE), which will offset future currency conversion fees
<TBD> = The USD-equivalent amount of bitcoin to be distributed in Tranche 2 will be equal to the 2022 Q1 fees collected from Russia-based accounts, divided by the number of qualifying Ukraine accounts. For example, if Kraken clients in Russia pay $5 million in fees in Q1 and there are 10,000 qualifying accounts in Tranche 2, each account will receive $500 USD worth of BTC.
Tranche 3
Drop date: Several throughout Q2 2022, TBD
Tranche 3 Qualification Requirements:
- Account created in Ukraine prior to March 9, 2022
- Account at ‘Intermediate’ or ‘Pro’ level verification
- Account must log in by August 1, 2022 to claim the drop
Tranche 3 Distribution (to each qualified account):
- $<TBD> USD worth of BTC, which can be immediately withdrawn
<TBD> = The same formula as Tranche 2, except using 2022 Q2 fees collected from Russia-based accounts.
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