Binance will donate $5 million worth of Binance Coin (BNB) to earthquake victims in Turkey and has opened a public donation address accepting BTC, ETH, BNB, BUSD, and XRP.
Recently, on 6th February 2023, the south of Turkey and Syria experienced two earthquakes that killed more than 5000 people.
Binance, a leading cryptocurrency exchange, stepped in and offered support to earthquake victims in Turkey. The company will give away $5 million worth of Binance Coin (BNB) to affected users who reside in 10 cities hit hard by the tragedy.
Eligibility requirements for Binance donation
Binance will use Proof of Address (POA) to identify eligible users. To qualify, users must have completed the POA process before February 6th in cities including Adana, Adıyaman, Diyarbakır, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Şanlıurfa, and Osmaniye.
Although the POA method is imperfect, Binance considers it the best option to locate impacted users.
Also read; Binance: Signature Bank Ends Support for Customers Under $100K Crypto
Why choose crypto for donations?
During natural disasters, access to traditional banking systems can become limited, making it difficult to obtain essential supplies like food and medical equipment. Binance opted to use crypto transfers to deliver financial aid to address this issue.
This offers fast, borderless, low-cost, and transparent transactions to disaster victims.
Related; The Binance East Africa Team Educates the Community More on Its Products in Kenya
Binance public donation address
Binance Charity also set up a public donation address for anyone to contribute. The address accepts donations in BTC, ETH, BNB, BUSD, and XRP. At the time of writing, the Emergency Earthquake Appeal had raised a total of 0.69 BTC, equating to $15,963.36.
Binance will convert all donations to Turkish Lira (TRY) and give the funds to authorized NGOs to assist those in need.
Binance’s CEO, CZ, expressed his sympathy for those impacted by the earthquake and urged the crypto community to come together and offer support.
The Binance team is also working to ensure Turkish users’ and their families safety and well-being. The company will continue to explore other ways to assist its community in Turkey.
