Kraken has announced a new initiative for clients receiving funds from FTX on its platform. These clients will be eligible for fee credits, allowing them to trade up to $50,000 in cryptocurrency without incurring trading fees.

Kraken Partners to Distribute FTX Funds

In December, Kraken was chosen as a partner for distributing funds to former FTX clients. The company aims to reduce the cost of converting these US dollar payouts into cryptocurrencies.

Eligible clients will receive up to $105 in Kraken trading fee credits (KFEE), based on the amount of funds received. These credits will be available on Kraken Pro and credited upon receipt of the FTX distribution.

📣 Announcing zero trading fees for crypto up to $50k for FTX creditors 🤝

New clients that select Kraken to receive their funds from FTX will receive fee credits that allow them to buy up to $50k in crypto on Kraken Pro without fees

Learn more ⤵️ https://t.co/Ghoss0iM6M

— Kraken Exchange (@krakenfx) January 9, 2025

Kraken Pro Fee Credits for Trading

Clients can complete necessary steps through the FTX Debtors’ Customer Portal to ensure they receive their funds. Eligibility requires full onboarding and identity verification for clients in supported regions. The fee credits will be accessible within days of the deposit and are usable exclusively on Kraken Pro, which offers spot, margin trading, and staking services.

Kraken maintains its security standards through its Proof of Reserves process, which began in 2014 and has been conducted regularly since 2022. The company has participated in notable cases, including the Mt. Gox collapse investigation and the 2024 fund distribution to Mt. Gox creditors.