Many companies are jumping on fhe ‘let’s help Ukrainians’ bandwagon, but not because they actually give a fuck. Rather, they’re seizing the PR initiative to offer ‘Free calls and SMS’ (EE, Vodafone). WhatsApp anyone?
FTX is no different and the free PR they’ve been receiving for this apparently magnanimous gesture is unjustified. FTX have a minimum withdrawal limit of $100 and they have (so far) not announced that this will be revised or removed.
So any Ukrainian that would like to access that ‘free’ $25 will first need to send $75+ to FTX (almost 50% of a typical Ukrainian monthly salary).
This is cynical PR fluff by FTX and should not be applauded – if and until they confirm that Ukrainians will NOT be subject to any minimum withdrawal limit.
Sorry OP but you’re wrong on this, Or at least being disingenuous with this post. There isn’t a minimum $100 withdrawal all the time, it’s just something they can impose if there is high traffic. Here’s a quote from their help articles:
> We may impose a minimum fiat withdrawal limit of $100 USD or equivalent at our discretion if there is high load and/or spamming.
Source:
https://help.ftx.com/hc/en-us/articles/360043023772-Depositing-Withdrawing-Fiat-
Also on from the same source, they can make one free withdrawal per week.
> One withdrawal under $5000 in value per week is free. If you stake at least 25 FTT then an additional withdrawal will also be free.
The 25$ can still be used to purchase any crypto of your choosing on the platform and can be withdrawn to a self-custody wallet, so saying they need to deposit 75$ to access is a bit disingenuous.
Withdrawals on a lot of coins are free on FTX.
That said, it was still clearly a PR move. I would rather have seen them make a large donation to one of the Ukrainian relief efforts instead of encouraging people sign up for a crypto exchange when their country is being invaded.
Before everyone starts bashing FTX, they’re not giving the $25 as a sign up bonus, but they’re giving the bonus to *all existing account holders*. Some of them won’t be able to withdraw but free money is free money ? Even if it’s PR, it’s better than nothing.
The $100 minimum is for fiat withdrawals. You can still move that $25 in the form of crypto to a wallet or exchange of your choice for free. Just don’t send ETH or ERC-20 tokens, or you’ll have to pay the fees yourself.
They gave 25$ to all existing Ukrainian account holders. Very different than a bonus sign up fee.
Overreaction by OP. FTX dumped an additional $25(equivalent) for existing Ukrainian account holders. This is like getting free gems in your favorite game.
Did you read all the tweets from him before doing that? He seemed genuinely concerned and upset. You really can’t do anything for anyone these days without somebody trying to pick it apart.
It’s not a “cynical” PR move. That’s seems like a misuse of the word. Your take could be described as cynical though.
It’s a free $25 to their Ukranian users. Ukrainian users already know about the withdraw limits and use FTX anyways. It’s very much a free $25 in crypto for them.
Can they still send the $25 to another exchange or wallet? If so, that ain’t too bad.
Still, $25 is $25, however you view it. I welcome anyone to send me $25 anytime.
You know, it can be a pr move and a nice thing at the same time. Not all companies are run by evil masterminds like you think
OP invested in CRO after the staples center announcement and can’t stand another exchange getting some publicity.
Any more cynical than regurgitating information from other posts for moon farming?
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They already would have an account if they’ve been given the $25. Many would be above the $100 threshold.
I want to be the product
$100 for fiat withdrawal.
$0 for crypto
I agree to an extent. But it’s a situation of damned if you do, damned if you don’t.
If you don’t do anything your a scummy heartless corporation. If you do something it’s a publicity stunt 🤷♂️
This post once again proves that crypto is mainly only useful for real life when converted to fiat
This free crypto is giving to already exsisting customers which I’m sure most will have the withdrawal limit if they are already in crypto ,so even if it was a marketing ploy they helped out others in need while doing it which is better than just helping themselves…
In practice, every company effort like this is, at some level, a public relations move, but that doesn’t mean it can’t also be doing some good for the world as well.
when I said in CDC sub that this move is just to gain new registrations I got flamed obviously
I said it would be better to donate directly to Ukraine
make sure to withdraw into your favorite surveillance coin. so in the future theres a fucking list with everyone on it
Several of our direct employees or their family members are in Ukraine now. We care. We’ve cut off our Russian clients and we’re also losing customers due to the negative publicity of it.
This is the kind of content I want to see on this sub.
Its a bit risky to market in this way. It really can back fire bad, if seen using opportunistic marketing on war. Should have given a lot more in my opinion to be on the safe side.
Should just bann any ukraine/russia posts, im sick of seing this bullshit now, its as OP states, mainly just people using this for advertisement and also reddit got war threads, it got donation threads, go there to discuss and donate shit, this is for crypto!
Sounds like a nigerian prince scam. “I want to give you X amount, but you need to send me X amount first!”
Thank you for doing this post. Already commented on the last one but didn’t get enough traction. The comments are all so positive and don’t get me wrong, it is a good thing from SBF, but is just a drop in the ocean. Definitely an advertisement more than anything else.
Agreed. Absolutely tone-deaf and really disrespectful. I guarantee some marketing moron though this would be a great idea
It’s all just pandering.
Maybe not related, but these psy-ops have ppl showing they care about Ukrainians they couldn’t even find on a map a few days ago. War/Cold War/Government Chess is awful all around, but seeing the media react to their new story for ratings is cringe as fuck.
“One of the top posts on this sub is about FTX giving $25 of ‘free’ Crypto to Ukrainians. It’s a cynical PR move and doesn’t deserve the publicity it has received. Why? Because the minimum FTX withdrawl limit is $100 and they’re not planning on changing it… yet.”
lets put this on top
if this is true, its just more marketing
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nevertless im not going to register in ftx because of this
100% agree. So tone deaf.
Imagine if McDonalds started offering a free Big Mac to those displaced by war. 🙄
Call me out good work!
typical move by mr bankman
Bold of you to think genuine thought out content makes it to the front page of the sub.
We like rehashed jokes, shitting on RH and ALGO.
Also, what about the Russians who don’t support their government? Most of them have no say in the war and are going to suffer from sanctions because of their president’s decisions. Russians put a lot on the line by protesting in an authoritarian country.
> Rather, they’re seizing the PR initiative to offer ‘Free calls and SMS’ (EE, Vodafone). WhatsApp anyone?
Requires both ends to have WhatsApp and a data connection. And not everyone has a smartphone (e.g. poorer families, older people, etc). Calls and SMS are probably more reliable when internet connections aren’t readily available. Also these companies are offering free data to customers in those areas.
I love this sub.
So quick to promote ANYTHING crypto and so quick to immediately shoot down every promotion 😂
Yes. Is a Cynical and marketing move
100$ is half of a monthly wage of an average ukrainian. FTX should be ashamed using the war to gain new customers.
Seems kinda messed up. Get them interested with the free $25 in a desperate time. Just to get them to get another $75 in if they want it out.
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Holy fuck I didn’t even know this.
At least change the rules so that people from Ukraine can withdraw at least…
This is Sad indeed. FTX needs to minimise withdrawal limit otherwise its going to ruin them in long run.
Using misery of Ukrainians for their own personal gains. Shame.
Many new exchanges in my country gives around $10-$25 to new customers. It’s like a welcome gift and to make new customer stick around and invest more in order to receive the reward.
That isn’t free…