Cryptocurrency exchange Binance steps up to provide much-needed aid to the victims of a devastating earthquake in Morocco.
The Devastating Earthquake
On September 8, 2023, a massive earthquake with a magnitude of 7 on the Richter scale struck Morocco, causing widespread destruction and tragedy. The earthquake primarily affected Marrakech, Morocco’s fourth-largest city, resulting in a staggering loss of at least 2,000 lives. The aftermath of this natural disaster left countless families without shelter, food, or resources.
In the wake of this tragedy, Binance, one of the world’s leading cryptocurrency exchanges, has pledged a significant sum to assist those affected by the earthquake. Changpeng Zhao, the founder and CEO of Binance, expressed his heartfelt condolences to the Moroccan people and described the earthquake as “devastating.”
Binance’s commitment to aiding the earthquake victims takes the form of a generous pledge of up to $3 million in Binance Coin (BNB). The exchange plans to distribute this relief through an airdrop, targeting users residing in the affected areas. Binance will identify eligible recipients using a proof-of-address protocol completed prior to the earthquake.
Direct Assistance to the Most Affected
For users in the Marrakech-Safi province, the epicenter of the earthquake’s impact, Binance will provide direct assistance by depositing $100 worth of BNB directly into their Binance accounts. This targeted approach aims to provide immediate relief to those who need it the most.
Binance’s support extends beyond the hardest-hit areas. Moroccan users living outside the Marrakech-Safi region will also benefit from this charitable initiative, receiving $10 worth of BNB each. In total, nearly 70,000 Binance users across Morocco are expected to receive aid, with the distribution commencing on September 12.
Community Involvement
Binance is not just limiting its aid to its own resources. The exchange has created a public wallet address to accept additional contributions in various cryptocurrencies, including BNB and Bitcoin. This move encourages the wider cryptocurrency community to join hands in providing relief to the earthquake victims.
This isn’t the first time Binance has utilized its platform for humanitarian efforts. In March of a previous year, Binance launched a similar aid scheme to assist those affected by intense earthquakes in the Turkey-Syria border region. Just as they have done now, Binance distributed $100 worth of BNB tokens to impacted individuals, demonstrating the potential of cryptocurrencies as a medium for charitable contributions.
A Growing Trend
The use of cryptocurrencies for disaster relief and charitable donations is a growing trend in the cryptocurrency industry. Following the Turkish-Syrian earthquake and now the Morocco earthquake, various crypto industry players have stepped up to help impacted communities. Binance’s dedication to this cause exemplifies how the crypto space can be a force for good, aiding those in need during times of crisis.
In a world that often faces unforeseen challenges, Binance’s commitment to providing aid to the Moroccan earthquake victims is a shining example of the positive impact cryptocurrencies can have on people’s lives in times of dire need.