Binance to Launch Refugee Crypto Cards for Ukrainian War Victims

Binance cryptocurrency exchange has launched its Binance Refugee Crypto Card to assist Ukrainian citizens that have been most impacted by the ongoing war between the country and Ukraine. Per the announcement, Binance said both old and new users of its exchange are welcome to apply for the card, as they explore cheap options to purchase items across the European Economic Area (EEA) where they might have been dispersed.

According to the trading platform, users of the platform that plans to apply for the card will need to complete a thorough Know-Your-Customer (KYC) check, and users who are currently taking refuge outside of Ukraine will need to supply a Ukrainian address to qualify. 

“To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes,” said Kirill Khomyakov, General Manager of Binance in Ukraine. “The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations, and, if necessary, receive cryptocurrency from any other wallets.”

There has been a broader recognition of digital currencies as a tool to provide succor to victims of the Russia and Ukrainian war. Binance said besides enabling family and friend funds to holders of the car, each qualified refugee will receive the sum of BUSD75, a sum that is equivalent to $75 per month for about 90 days, subject to the donation levels of the UNHCR.

Frontline Humanitarian Aid Providers

The launch of the Binance Refugee Crypto Card is another attempt by the trading platform to act as one of the frontline humanitarian aid providers to the Ukrainians in need. The trading platform has once donated $10 million to back the humanitarian efforts in the country as well as another $2.5 million in BUSD to the UN refugee agency.

“We want to see blockchain working for people, solving real-world problems and using it as a tool to connect those who want to help, directly with those in need of it. We will continue to develop initiatives and partnerships to help the Ukrainian people and continue to develop crypto and blockchain tools to help aid those suffering from conflicts elsewhere in the world,” Ms. Hai added.

The new card product will be offered free of charge and will attract extra benefits over time.