Binance is launching a Refugee Crypto Card for Ukrainians who have been forced to flee their country
Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.
Binance was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency.
The Binance card was developed in collaboration with Contis. It will enable displaced Ukrainians to send and receive crypto payments, as well as make purchases at merchants in the European Economic Area who accept card payments.
“At such a tough moment for Ukraine, it’s evident that cryptocurrencies are valuable since they provide a rapid, affordable, and safe way of transmitting funds to assist individuals with their immediate financial needs,” Helen Hai, Head of Binance Charity, stated.
— CZ 🔶 Binance (@cz_binance) April 26, 2022
Binance Charity is collaborating with a number of non-profit organisations, including Rotary and Palianytsia, to provide crypto-based cash assistance through the Refugee Crypto Card, which will allow relatives and acquaintances to transfer cryptocurrency to the new cards and Binance wallets to help their loved ones.
Refugees who apply for the Binance Refugee Crypto Cards and are validated by local non-profit organisations will get 75 BUSD, equivalent to US$75 per month for three months, in accordance with UNHCR’s suggested donation amounts. During the card payment, the BUSD coin will be immediately converted to local currency.
Obtaining and using a card is completely free. Even if already residing in another EEA nation, refugees will need to use an existing account registered in Ukraine or establish a new Binance account using a Ukrainian home address to get a Binance Refugee Crypto Card. All users will have to complete a full KYC verification process.
