Binance, the world’s biggest crypto exchange, revealed yesterday the launch of the ‘Binance Refugee Crypto Card,’ which will be accessible to all new and existing Binance customers from Ukraine who’ve been compelled to flee to nations in the European Economic Area (EEA) due to the conflict with Russia.
Binance Releases Crypto Card For Ukrainians
The card created in conjunction with Contis will allow evacuated Ukrainians to receive and send cryptocurrency payments and purchase items at retail shops in the EEA that allow credit card transactions.
Helen Hai, the Executive Director of Binance Charity, noted that:
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“At a time when Ukraine is going through such a tough period, it is evident that cryptocurrencies are beneficial since they provide a rapid, inexpensive, and secure means of transmitting payments to assist individuals with their immediate financial requirements.”
Furthermore, displaced persons who have been authenticated by regional non-profit institutions and have registered for the crypto cards will receive 75 BUSD (Binance USD), a stablecoin cryptocurrency, which is equivalent to $75 each month for a period of three months, in line with the approved contribution amount stated by UNHCR.
The Procedure For Using The Binance Refugee Cryptocurrency Card?
When users make a credit card payment using the Binance card, the Binance USD crypto will be immediately changed into the country’s local currency.
Kirill Khomyakov, Binance General Manager for Ukraine, made the following statement:
“Around four million individuals have already fled Ukraine as a result of the conflict. It is our obligation to assist those who are suffering as a result of the conflict and have been compelled to flee from their communities. The Binance Refugee Card will enable Ukrainians to obtain assistance from the crypto exchange and other charity organizations, as well as receive crypto from other wallet providers if required.”
The effort is part of the company’s continuous assistance campaign for the people of Ukraine who have been adversely affected by the turmoil in their home country, which began in February. Previous donations of $10 million were made by the exchange giant through the Binance Charity and have gone toward assisting refugee families and children in Ukraine and also its neighboring countries.
Additionally, Binance has curtailed its operations in Russia as a result of the newest restrictions imposed by the European Union, which were implemented last week. The site also slammed reports that the data of users was shared with FSB-controlled agencies and Russian regulators, especially that of opposition leader Alexei Navalny, as ‘clearly incorrect.’
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