In response to the recent earthquake that rocked Morocco, Binance Charity, the philanthropic arm of the global cryptocurrency exchange platform Binance, announced on Monday a sizable donation. The charity plans to distribute up to $3 million in its native Binance Coin (BNB) tokens to individuals adversely affected by the catastrophe.
The aid, which translates to $100 in BNB per eligible user, will be directed specifically to residents of the Marrakesh-Safi Province. The determination of beneficiaries will be based on Proof of Address (POA) submissions completed prior to September 9, 2023.
A Step Forward with Crypto Aid
As part of the broader crypto industry’s push to leverage digital assets for rapid and effective disaster response, Binance Charity has also initiated a public donation address. This move facilitates contributions from any individual wishing to extend their support to the earthquake victims in Morocco.
JUST IN: #Binance donates $3 million $BNB to Morocco, following deadly earthquake.
— Watcher.Guru (@WatcherGuru) September 11, 2023
By September 12, 2023, Binance Charity has an ambitious target to assist approximately 70,000 users across Morocco. This venture serves as a testament to the potential of cryptocurrency in fostering immediate and significant relief efforts in times of crisis.
As natural disasters pose challenges for traditional financial systems, the agility and decentralized nature of cryptocurrencies offer a promising alternative. Binance Charity’s prompt response highlights the growing recognition of crypto’s role in global humanitarian efforts.
CZ, founder and CEO of Binance, said “the impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need”.
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