Following the battle with Russia, Binance, the world’s largest cryptocurrency exchange by trading volume, launched on April 26 the ‘Binance Refugee Crypto Card.’ This card is available to all existing and new Binance users from Ukraine. This card aims to help those who are in financial need.
Displaced Ukrainians can use the card to send and receive cryptocurrency payments. Additionally, they can also shop at merchants in the European Economic Area that accept credit cards.
According to the Head of Binance Charity, Helen Hai, cryptocurrencies are useful in such a difficult time in Ukraine. In addition, Hai said that crypto is a faster and cheaper way of transferring money to help people with urgent financial needs.
Furthermore, refugees who have been authenticated by local non-profit groups and applied for the cards will receive $75 Binance USD (BUSD). This cryptocurrency is known as a stablecoin. In accordance, its worth is equal to $75 every month for three months. The deal is made in alignment with UNHCR’s suggestions for the contribution amount.
Binance Refugee Crypto Card Function
The Binance USD cryptocurrency will be converted to the local currency at the time of card payment.
Following on, Kirill Khomyakov, Binance Ukraine General Manager, noted that around 4 million Ukrainians have already emigrated. In regard, he emphasized they must support those who have been displaced by war. This Refugee Card will allow Ukrainians to get assistance from this cryptocurrency exchange and other charity organizations.
In this chain of events, the effort is part of Binance’s continuous assistance for Ukrainians affected by the conflict. Binance previously donated $10 million via the Binance Charity to help displaced children and families in Ukraine and neighboring countries.
In light of the conflict, Binance also curtailed its services in Russia following recent EU restrictions. The platform also slammed Alexei Navalny’s charges of sharing user data with Russian authorities and FSB-controlled entities as categorically incorrect.