- Binance takes another initiative to help the refugees of Ukraine.
- The Binance Refugee Crypto Card will facilitate digital payments in EEA.
Russia’s invasion of Ukraine has led the world especially, Ukrainians to experience stagflation. In this chaos, several countries, big organizations, and charities are lending a helping hand to the refugees of Ukraine. On April 26, 2022, Binance, a leading provider of cryptocurrency and blockchain providers, announced the launch of the Binance Refugee Crypto Card via a press release.
Binance has created this card in collaboration with Contis, a firm that powers digital payments, and has made it available to all existing and new users. This is not the first initiation of the former organization to help the residents of Ukraine. Through Binance Charity, the company is also raising emergency relief funds along with other non-profit organizations like Rotary and Palianytsia. It has successfully completed Phase 1 of the charity by donating $10 million to “Ukrainian Humanitarian Effort”. Phase 2 of their charity is still ongoing and the company is releasing updates on its official site for charity.
The new Binance card will be available to “displaced Ukrainians” to facilitate crypto payments and purchases using digital currency at distributors present in the EEA (European Economic Area) who are willing to accept the same.
The Head of Binance Charity, Helen Hai, shares in a statement, “At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs.”
The Binance card is free to obtain and use. However, refugees can only access the card if they have a registered account in Ukraine or they can create a new Binance account using a Ukrainian home address and have completed a full KYC verification. If verified by non-profit organizations, users will receive 75 BUSD which is worth almost US$75 per month, and will automatically convert to the local currency during card payments. The amount will be approved only if it is according to the donation levels laid down by UNHCR, the UN Refugee Agency.
The General Manager of Binance, Kirill Khomyakov, says, “To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations, and, if necessary, receive cryptocurrency from any other wallets.”
Binance’s initiatives to help Ukraine are praiseworthy. It has also started a crowdfunding platform named “Emergency Assistance Fund for Ukraine” for people all over the world to help the nation in need.