Binance and Other Crypto Platforms Send Relief to Turkey
- Binance will use a proof of address submission to identify eligible users.
- Other crypto platforms, such as Avalanche, have also donated to the charity cause in Turkey.
On Monday, February 6th, news broke that an earthquake that ripped through parts of Turkey and Syria had left a trail of destruction and countless casualties. As different groups and agencies rally around the victims and their families, the crypto exchange Binance has offered a hand of comfort.
Binance announced on February 7 that it will airdrop $100 USD worth of BNB tokens to its users in the affected regions. Binance stated that it will check Proof of Address (POA) submissions made before February 6th in the disaster-affected regions, which include Adana, Adyaman, Diyarbakr, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, anlurfa, and Osmaniye.
The POA approach might not be 100% accurate, but according to Binance, it’s the simplest method currently available for locating earthquake-affected individuals. Reports estimate the donations to be worth around $5 million. Binance also encouraged the public to donate to the Emergency Earthquake Appeal, which supports a wide range of cryptocurrencies, including XRP, BNB, BUSD, BTC, and ETH.
Reacting to the relief, Binance CEO Changpeng Zhao said in a release,
The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis.
Crypto Supports Turkey in Full Force
A number of cryptocurrency firms, including Tether, Bitfinex, OKX, and Kucoin, have promised to donate over $9 million to help those affected by the earthquakes that struck Turkey and Syria. The Avalanche Foundation also contributed $1 million in AVAX tokens to the fundraising endeavor.
Crypto donations to Turkey's earthquake relief efforts now amass $2m, only a few hours after the wallets were set up https://t.co/rLKbAwTvld pic.twitter.com/bkMMLWnxrU
— ekin (@eking0x) February 7, 2023
More than 7,000 people have been confirmed as casualties and over 20,000 injured, and the toll keeps rising. The coordinated effort shows that the crypto world is once more prepared to step up and help humanitarian efforts. Justin Sun, the founder of Tron, announced his plans to donate $1 million worth of TRX from the Huobi Global cryptocurrency exchange.
Crypto remains the ultimate bailout
Binance said its relief was done to assist its users in accessing financial services as disasters such as earthquakes often make it difficult for locals to access traditional institutions like banks, especially when they are most in need of them for basic necessities like food and medical supplies.
The situation in Turkey has also mirrored the importance of cryptocurrency to provide financial relief to crisis victims, as these payments are quick, affordable, transparent, and unrestricted, making them ideal for the situation in Turkey.
Using cryptocurrency to provide relief after disasters is becoming more common. For instance, cryptocurrency has been used to provide support to individuals affected by the war in Ukraine. Several organizations have used cryptocurrency to send money and items to people who can’t use mainstream banking services due to the crisis.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
