- Binance Charity plans to distribute $3 million in Binance Coin (BNB) to users affected by the Morocco earthquake.
- Binance will also provide $10 worth of BNB to active traders across Morocco, extending support beyond the earthquake-stricken areas.
According to an official statement that Binance released today, the charity arm of the world-renowned cryptocurrency exchange is planning to airdrop up to $3 million worth of Binance Coin (BNB) to users of Binance who live in the regions most affected by the earthquake.
🇲🇦🚀 In a remarkable move, @BinanceCharity is air-dropping $3 million in #BNB to assist Moroccan earthquake survivors. 🚀🇲🇦
Based on Proof of Address before Sep 9, 2023, eligible users can receive $100 in BNB each, supporting around 70,000 Moroccan #Binance users. 🙌🏽🌍
Retweet! pic.twitter.com/o57hsUVVWf
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) September 12, 2023
The identification of eligible users will be contingent on the completion of Proof of Address (POA) verifications before the cutoff date of September 9, specifically within Morocco’s Marrakesh-Safi Province, which bore the brunt of the earthquake’s destruction. For those who completed their POA before this deadline within the affected region, Binance Charity will generously deposit $100 in BNB directly into their Binance accounts.
In a remarkable display of compassion and solidarity, Binance will also extend support to users actively engaged in cryptocurrency trading across Morocco, even if they reside outside the earthquake-stricken areas. These traders will receive an airdrop of $10 worth of BNB each.
The anticipated distribution of donated funds will commence on September 12, 2023, offering much-needed assistance to individuals and communities grappling with the aftermath of the devastating earthquake. This initiative underscores the significant role of cryptocurrency in facilitating rapid, cost-effective, and transparent financial aid during times of crisis.
In addition to the direct aid effort, Binance Charity has taken a step further by establishing a public donation address, allowing individuals worldwide to contribute to the relief efforts. According to the announcement, all funds received will be channeled to an authorized non-governmental organization (NGO), which will soon be named, to further assist those in need.
Donors can contribute to various cryptocurrencies, including BNB, BTC, ETH, USDC, USDT, or BUSD, demonstrating the crypto community’s commitment to supporting those affected by natural disasters.
Exploring Cryptocurrency’s Role in Disaster Relief
The adoption of cryptocurrencies for disaster relief efforts is increasingly gaining recognition, primarily owing to its remarkable advantages in terms of speed and cost-effectiveness. Binance Charity, in its commitment to aiding those in need, has taken a significant step by introducing a publicly accessible donation address that welcomes contributions from individuals worldwide. They gladly accept generous donations in various digital currencies, including but not limited to BNB, BTC, ETH, USDC, USDT, and BUSD, for the Emergency Earthquake Appeal.
It is worth highlighting that digital asset exchanges have demonstrated their power as humanitarian forces, raising an impressive sum of over $12.5 million in support of regions ravaged by catastrophic earthquakes, such as Turkey and Syria.
Notable contributors to these initiatives encompass distinguished figures from the cryptocurrency realm, including Ethereum’s visionary founder, Vitalik Buterin, and Tron’s trailblazing creator, Justin Sun, among other philanthropic individuals.
The Giving Block also instituted an emergency relief fund to support charities responding to the Maui wildfires. This program, featuring a generous $500,000 donation matching pledge, strives to simplify the donation procedure for contributors while ensuring they receive tax documentation.
GM friends. Maui urgently needs our help recovering from devastating wildfires.
Our Maui Emergency Response Fund is now live—with a $500,000 donation match offer.
You can help with a crypto, stock, DAF or card donation.https://t.co/bWbAMiK4yC
— The Giving Block (@TheGivingBlock) August 15, 2023
As Binance takes proactive steps in disaster assistance, it simultaneously grapples with an enduring legal dispute involving the US Securities and Exchange Commission (SEC). Earlier this year, the SEC initiated legal proceedings against Binance Holdings, Binance.US (operating under BAM Trading), and its CEO, Changpeng Zhao, asserting allegations of deceptive practices.
Furthermore, the SEC leveled accusations against the exchange, alleging it functioned without proper registration as a broker-dealer and clearinghouse.
In reaction to the SEC’s legal actions, Binance pursued a protective order by filing with the US District Court of Columbia just last month. Binance argued that the SEC’s demands were excessively wide-ranging and imposed an unreasonable burden.
