Binance to Donates $10M to Support Ukrainian Humanitarian Crisis

Godfrey Benjamin  Mar 01, 2022 10:40  UTC 02:40

2 Min Read

Binance Exchange, the world’s largest cryptocurrency trading platform, has revealed it is donating $10 million to support the humanitarian relief efforts in Ukraine.

As announced by the trading firm, the funds will be split between the top non-profit organizations that are helping to provide succour to Ukrainians and with whom Binance exchange has prior partnerships.

These organizations include UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need. In addition to this funding, Binance has set up “a crypto-first crowdfunding site, called Ukraine Emergency Relief Fund, to allow people to donate crypto to help provide emergency relief to refugees and children and to support logistics on the ground such as food, fuel, and supplies for refugees.” 

The funds are administered through the Binance Charity Foundation, and per the announcement, the trading platform has bootstrapped the crowdfunding site with a total of 16,042 Binance Coin (BNB), worth approximately $6.2 million at the time of writing.

“Watching this conflict escalate over the past four days has shocked our community to its core. We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need,” said Changpeng Zhao (CZ), Founder and CEO of Binance, adding that the aid includes “providing food, fuel, supplies, and shelter for Ukrainians, which include countless Binance community members. We are using every resource and governmental channel we have to call on world leaders to end this conflict immediately.”

The ongoing regional war between Russia and Ukraine has sparked massive basic needs for the victims of Ukraine. While funding has been trickling in to aid people’s survival, global governments are intensifying their efforts to impose sanctions on Russia in the hope that to force President Vladimir Putin to order his troops to withdraw.

Amongst these sanctions is the severance from the SWIFT payment network, as reported earlier by Blockchain.News.

Image source: Shutterstock

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