Thousands of Ukrainians have ordered a crypto card issued by Binance, the world’s leading digital asset exchange, for its users in the war-torn country. The card allows people displaced by the ongoing conflict with Russia to make payments and receive financial aid.
Binance announces results of efforts to help Ukrainian refugees
Between 26 April and 10 June, approximately 70,000 people were issued Binance Refugee crypto cards, the largest coin exchange by trading volume, unveiled in crypto news outlet Forklog. The payment product was introduced in April to force Ukrainians to leave their homes amid Russia’s military invasion of the country.
The card allows Binance users displaced from Ukraine to transfer or receive crypto and make payments to merchants in European Economic Area countries. Additionally, refugees can also accept financial assistance through Binance’s partners. Applications from 4,000 Ukrainians currently living abroad have been approved, with more than 1,700 already receiving funding.
Binance also participates in efforts to support Internally Displaced Persons (IDPs) as part of a project launched in collaboration with charitable foundation Palianitsia and Rotary Club Kyiv International. Ukrainians with large families and minor children, disabled and elderly will benefit with priority.
These most vulnerable people will be able to count on monthly support of 75 BUSD ($75) for a period of three months, the report details. In its first phase, the initiative will help 5,000 IDPs with a budget of $1.2 million. Representatives of the exchange explained:
Initially, we were going to help people who were forced into the EU, given refugee status and really needed help. But in parallel, we decided to launch a pilot project to help those living in Ukraine.
Binance further revealed that it is working closely with Ukraine’s Ministry of Digital Development to organize a course on online businesses for Ukrainians who lost their jobs due to the war earlier this month. The exchange also emphasized that it will continue to adhere to sanctions policies against Russia and ensure their implementation on its platform.
You can help families, children, refugees and displaced people in Ukraine by donating BTC, ETH and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
What is your opinion about crypto industry initiatives in support of war-stricken Ukrainians? Share your thoughts in the comments section below.
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