Kraken to distribute BTC among users in Ukraine

The exchange intends to allocate over $10 million worth of bitcoin, split into three tranches.

Aid will be delivered to all Kraken accounts created in Ukraine prior to March 9th, provided they reach Intermediate or Pro verification level by the date of the drop.

Each eligible account will be credited with $1,000 worth of bitcoin, available for immediate withdrawal. The package will also include up to $1,000 currency conversion fee credits.

The aid package comes as Kraken, among other exchanges, declined freezing Russian accounts over the ongoing invasion of Ukraine. Jesse Powell, Kraken CEO, praised the initiative as more aligned with crypto ethos, stressing that the more Russian accounts will trade, the higher the donations will be.

Tranche 1 will be funded by the trading fees Ukrainian users paid over the last 10 years. The subsequent tranches will be equivalent to the trading fees paid by Russia-based users in the first two quarters of 2022.