Kraken has introduced a cash withdrawal option for users in Ukraine through MoneyGram, allowing customers to convert a USD balance on the exchange into local currency and collect the money at participating payout locations.
According to the company’s rollout details, the service supports hryvnia cash pickup and in most cases makes funds available in less than 10 minutes after a transaction is confirmed. At launch, the feature is limited to in-person cash collection and does not yet include withdrawals to bank accounts.
How the withdrawal process works
Users can start the transaction from the withdrawals section of the Kraken app or website. From there, they select an available local currency, enter the amount they want to convert, and receive the current exchange rate for the payout.
Before confirming, the service shows the fee, any taxes, and the final amount to be received. Once the withdrawal is approved, the user is given a reference number that must be presented at a MoneyGram location together with a valid identity document in order to collect the cash.
Limits in the initial rollout
Kraken said separate MoneyGram limits apply to the new cash pickup option. At launch, a sender can withdraw up to $1,200 per month through the service.
The rollout also sets transaction caps of up to three withdrawals per day and up to 20 withdrawals per month. The company did not indicate in the announcement that bank-account payouts are available through this integration, stating instead that only cash pickup is supported for now.
Part of a wider Ukraine push
The new withdrawal feature forms part of Kraken’s broader expansion in Ukraine. The exchange had previously introduced dedicated campaigns for Ukrainian users and offered special trading terms for clients in the country.
The latest launch adds a practical off-ramp for customers who want to turn exchange balances into physical cash in local currency, using MoneyGram’s network rather than a direct transfer to a bank.
Parallel expansion in Europe
At the same time, Kraken is continuing to build out its financial infrastructure in Europe. Separately from the Ukraine cash-withdrawal service, the exchange is considering Lithuania as its main jurisdiction for seeking a full European banking license.
That possible licensing path remains under consideration, but it shows that Kraken’s regional strategy is not limited to retail product launches. The next confirmed step in Ukraine, however, is the current MoneyGram-based cash payout service, with bank-account withdrawals still not supported at this stage.
Source: incrypted.com