Leading Crypto Exchange Binance launched a “Binance Refugee Crypto Card” for displaced Ukrainians.
This card is issued for existing as well as new Binance users who have been forced to relocate to European Economic Area (EEA) countries due to the war between Russia and Ukraine.
This card could aid millions of Ukrainians by allowing them to make payments in the European Economic Area.
Binance has partnered with Contis, which is a European Banking Service Provider to launch the refugee crypto card. Ukrainians will be allowed to make as well as receive payments on the app with the aid of this card.
Helen Hai, Head of Binance Charity said in a statement,
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
“Binance Charity” Continues To Extend Help Through Crypto Based Cash Assistance
Binance Charity is currently working with a lot of non-profit organizations including Rotary and Palianytsia which would be providing crypto-based cash support to the Ukrainians.
Relatives of these displaced Ukrainians will be able to send crypto to these cards and even their Binance wallets to help them in times of need.
Local NGOs who have verified the refugees and have applied for the card will be eligible and entitled to receive $75BUSD which is equal to $75 USD each month for a duration of three months. Not only that, but these users shall also receive donations in line with UNHCR, UN Refugee Agency, UNICEF, and more.
When a user wants to use the money in their account, the amount transferred will automatically be converted to the local currency that will be easier to encash.
Kirill Khomyakov, General Manager of Binance in Ukraine, quotes:
To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations, and, if necessary, receive cryptocurrency from any other wallets.
Suggested Reading | Binance Hits Back At Reuters, Claims Data Sharing Report With Russia Is ‘Categorically False’
Obtaining A Refugee Crypto Card Is Free
Getting hold of a refugee crypto card is free. To obtain a card, users have to complete the process of KYC verification. Refugees can use their existing accounts which have been registered in Ukraine and new users, can register on the Binance platform using the address of their Ukrainian home even if they currently live in the EEA region.
Binance has maintained a kind and considerate stance towards Ukrainians affected by the war. Binance sometimes back had deployed a 10 million USD fund to support children and women of war-stricken Ukraine and also of the neighbouring countries.
Binance Charity continues to work for in-country civilians by partnering with local organizations. Binance Charity has also created a cryptocurrency crowdfunding site that aims towards getting donations for Ukraine citizens from all across the globe, it is called the “Emergency Assistance Fund for Ukraine”.
Related Reading | Bahrain Is All Set To Adopt Crypto In A “Big” Way; Grants License To Binance
Featured image from UnSplash, charts from TradingView.com
