Kraken Offers $105 Fee Credit for FTX Fund Recipients

Kraken introduces a trading fee credit initiative for clients receiving funds from FTX, enabling up to $50,000 in trading with zero fees on Kraken Pro.

Kraken Collaborates to Distribute FTX Payouts

In December, Kraken was selected to help distribute funds to former FTX users. To ease the transition, Kraken aims to lower costs for converting USD payouts into cryptocurrencies.

Eligible users will receive up to $105 in Kraken trading fee credits (KFEE), determined by the fund amount received. These credits are accessible on Kraken Pro upon receipt of the FTX distribution.

Fee Credits for Trading on Kraken Pro

To qualify, users must complete the process via the FTX Debtors‘ Customer Portal and meet Kraken’s onboarding and identity verification requirements in supported regions. Once funds are deposited, the credits become available within days and are exclusively usable on Kraken Pro for spot, margin trading, and staking.

Krakens security measures remain robust, backed by its Proof of Reserves system, first introduced in 2014. The platform has played key roles in fund recovery cases like Mt. Gox and now continues with the FTX initiative.

Proof of Reserves Secures the Client Confidence

Kraken completed its most recent Proof of Reserves, verifying client balances through an independent third-party audit. Using a snapshot taken on September 30, 2024, the audit confirms that Kraken securely holds on-chain assets covering client balances.

The attestation includes six major assets—Bitcoin, Ethereum, Solana, USD Coin, Tether, and XRP—and covers spot, margin, futures, and on-chain staked ETH and SOL. Over $21.5 billion in client assets were confirmed, as highlighted by Finance Magnates.

Since January 2022, Kraken has consistently conducted Proof of Reserves, providing users with tools to verify their balances directly via Kraken Pro accounts.

About Kraken

Kraken, founded in 2011, is one of the largest and most secure cryptocurrency exchanges globally. It offers a wide range of services, including spot trading, margin trading, and staking, and is committed to transparency, security, and user satisfaction.