The world’s largest cryptocurrency exchange, Binance, has just launched the “Binance Refugee Crypto Card” for all Binance users from Ukraine forced to move to The European Economic Area (EEA countries) owing to the war with Russia.
Millions of dollars in crypto have flowed in to support Ukraine’s army and NGOs. Almost $100 million worth of crypto has been sent to support Ukrainians over the past several weeks. The Ukrainian government itself has been soliciting donations in crypto raising more than $54 million. Justin Sun, the founder of TRON, also jumped on board announcing a donation worth $200,000 in Tether.
Introducing the #Binance Refugee Card.
— Binance (@binance) April 26, 2022
What Is The Binance Refugee Crypto Card?
In the latest development, Binance, announced its latest feature, called, Binance Refugee Crypto Card. It is designated for current and future users of the company from Ukraine, who were forced to move to other countries due to the military conflict with Russia. The refugee card enables displaced Ukrainians to make or receive digital asset payments and complete transactions at retailers in the EEA countries who accept such settlements.
According to the official blog post, Binance revealed that has been created in partnership with Contis, a financial services company designed to offer alternative banking and payment methods. As part of the program, Binance Charity, is working with various non-profit organizations including Rotary and Palianytsia to provide crypto-based cash assistance through the Refugee Crypto Card that will allow relatives or acquaintances to transfer crypto to the new cards and Binance wallets to support Ukrainian refugees.
Refugees who are verified by local non-profit organizations and applied for the Binance Refugee Crypto Cards will receive 75 Binance USD (BUSD), equivalent to $75 per month for three months in line with recommended donation levels by UNHCR, the UN Refugee Agency. The BUSD cryptocurrency will be converted to local currency automatically during the card payment.
Binance’s Efforts To Support Ukraine
In addition, Binance Charity created a cryptocurrency crowdfunding site “Emergency Assistance Fund for Ukraine” so that people from all over the world could donate cryptocurrency to support Ukraine. It has already raised about $1M. Helen Hai, Head of Binance Charity, concluded by saying,
“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.”
Earlier this year, Binance had donated $10 million to Ukraine in an effort to help the humanitarian crisis through its Binance Charity Foundation. Last month, Ukraine launched a collection of NFTs ‘Museum of War’ to document the series of events taking place in the war and to raise funding for its military.