Kraken launches crypto-to-cash withdrawals in Ukraine through MoneyGram

Kraken has rolled out a service in Ukraine that lets users convert crypto into cash and pick it up at MoneyGram locations. For high-risk operators, the important bit is not the headline feature but the plumbing: Kraken is using MoneyGram’s licensed payout network, with Kraken handling registration and identity checks.

1. Users in Ukraine can now withdraw funds from Kraken through MoneyGram after transferring cryptocurrency to their Kraken account, selecting cash withdrawal via MoneyGram, and collecting the money at an available MoneyGram location.
2. The companies said funds are typically available for pickup in less than 10 minutes after the transaction is confirmed. Before cash payout, users must convert their cryptocurrency into U.S. dollars, and the withdrawal is taken from the user’s Kraken USD balance.
3. MoneyGram then converts the payout into local currency at its applicable exchange rate. The new service comes with limits: a single sender can withdraw up to $1,200 per month, with up to 3 transactions per day and 20 transactions per month.
4. Under the partnership, Kraken handles user registration and identity verification, while MoneyGram processes the transfers through its licensed and regulated payment infrastructure, including the required compliance procedures.
5. The partners said they plan to add transfers to local bank accounts and cross-border transfers, and to integrate those capabilities into the Krak payments app. MoneyGram had previously launched its Ramps service inside the Solana ecosystem, letting crypto app developers build fiat payment gateways through a single API without their own banking infrastructure.