Binance Charity to Provide Crypto Relief for Moroccan Earthquake Victims
Binance, the crypto giant currently embroiled in a legal battle with the SEC, has announced relief efforts for the victims of the Moroccan earthquake. The exchange’s charity arm, Binance Charity, will allocate crypto funds in BNB to aid its users affected by the tragedy. Eligible Binance users in the Marrakesh-Safi Province will receive a direct airdrop of $100 in BNB if they complete Proof of Address (POA) verification before September 9. Users who complete POA verification after September 9 but before September 30 will receive a donation of $25 in BNB. Binance will also airdrop $10 in BNB to active users conducting transactions in Morocco but outside the affected areas. The use of cryptocurrencies for disaster relief is gaining prominence due to its speed and cost-effectiveness.
Crypto in Relief Efforts Growing
Using cryptocurrencies for disaster relief efforts is becoming increasingly popular due to its advantages in terms of speed and cost-effectiveness. Binance Charity has opened a public donation address to accept contributions from anyone, including various cryptocurrencies like BNB, BTC, ETH, USDC, USDT, or BUSD. This move follows successful initiatives by other digital asset exchanges, which raised over $12.5 million for earthquake victims in Turkey and Syria. Notable crypto figures like Vitalik Buterin and Justin Sun also contributed. The Giving Block established an emergency response fund to assist charities during Maui wildfires, including a $500,000 donation match offer to streamline the donation process and provide tax receipts to donors. While Binance actively engages in relief efforts, it is also facing a legal battle with the SEC over alleged deceptive practices and operating as an unregistered broker-dealer and clearinghouse.
Hot Take: Binance Provides Crypto Aid to Moroccan Earthquake Victims
In the midst of its legal battle with the SEC, Binance has demonstrated its commitment to social responsibility by launching relief efforts for the victims of the Moroccan earthquake. Binance Charity will distribute crypto funds in BNB to eligible users in the affected areas, providing direct assistance to those in need. By leveraging the speed and cost-effectiveness of cryptocurrencies, Binance aims to reach approximately 70,000 users in Morocco. This move aligns with the growing trend of utilizing digital assets for disaster relief, which has proven successful in previous initiatives. Despite the ongoing legal challenges, Binance continues to prioritize its philanthropic endeavors and contribute to communities in times of crisis.
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