Binance announced that it will help those affected by the tragic earthquakes that hit Turkey and Syria recently.
The recent earthquake in Turkey and Syria has left thousands of people dead and many more injured. Binance, the leading cryptocurrency exchange, is stepping in to offer support to those affected by the tragedy. The company is donating Binance USD (BUSD) to humanitarian NGOs working on the frontlines of the disaster zone in both countries. 100% of the funds raised will go directly to providing essential resources such as medical supplies, food, shelter, and blankets. The public can donate to the Emergency Earthquake Appeal using various cryptocurrencies, including BTC, ETH, BNB, BUSD, and XRP.
In addition, Binance will also airdrop BNB worth $100 to all Binance users identified to be residing in the regions most impacted by the earthquakes in Turkey. To locate potentially impacted users, Binance will use Proof of Address (POA) completed before February 6th in ten cities, including Kahramanmaraş, Kilis, Diyarbakır, Adana, Osmaniye, Gaziantep, Şanlıurfa, Adıyaman, Malatya, and Hatay. The POA method could be inaccurate. Nonetheless, it remains the best available option for Binance to identify users who need aid. The total estimated value of the donations is around $5 million USD (or 94,000,000 TRY).
Cryptocurrencies are becoming an increasingly popular solution for delivering financial aid to disaster victims. Unlike traditional banking systems, crypto transfers provide fast, low-cost, borderless, and transparent transactions, which are essential during times of crisis. People affected by natural disasters often lose access to traditional banking methods when they need extra funds the most. By using cryptocurrencies, aid can be delivered quickly and effectively.
Crypto Community Comes Together
Binance CEO, CZ, expressed his condolences to those affected by the disaster and the company’s commitment to providing aid. He also called on other industry players to offer support in this time of crisis.
The Binance team is working to ensure the safety and well-being of Binance users and their families in Turkey and is providing assistance where necessary. Binance remains committed to supporting its users. It will continue to explore additional ways to help the community affected by the earthquake.
Besides Binance and CZ, many other industry players showed empathy toward those affected by the earthquakes. In such times, it is essential for people to come together and help one another.
In conclusion, Binance’s efforts to support the victims of the recent earthquake in Turkey and Syria are commendable. By providing aid through the Emergency Earthquake Appeal and airdropping BNB worth $100 to affected users, Binance is demonstrating its commitment to making a positive impact in times of crisis. All in all, the company’s use of cryptocurrencies to deliver financial aid is a testament to the potential of this innovative technology to make a difference in people’s lives.