As cryptocurrency exchanges continue to do business with Russian traders, Kraken hopes that by diverting their fees toward donations for Ukrainian clients it will avert regulatory pressure and condemnation.
Jesse Powell, chief executive officer of Kraken Bitcoin Exchange, sits for a photograph at the company's office in San Francisco, California, U.S., on Friday, Aug. 8, 2014. KPhotographer: David Paul Morris/Bloomberg *** Local Caption *** Jesse PowellKraken CEO Jesse Powell has taken to Twitter multiple times in recent weeks to push back against requests from the Ukrainian government and public pressure from the likes ofto block Russian users.
The program will begin by providing $1,000 worth of bitcoin on March 10th to all Ukrainian clients that created an account prior to March 9 and have an intermediate or pro account. The bitcoin will be free to withdraw or convert to another asset and the company will cover any associated fees. Subsequent tranches will be distributed throughout the year as well as other unannounced efforts.
How much the company may still need to provide from its own balance sheet is also to be determined. The company does not disclose a user breakdown by country, and would not share numbers on the number of users it has in Russia or Ukraine. If at the end of June 2022 Russian traders only generated $1 million worth of trading fees, Kraken could find itself needing to make up the shortfall. The only difference is that some of this aid would likely come weeks or months later.
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