• Binance has launched a cryptocurrency card to assist Ukrainian refugees

  • According to an April 26 news release, Binance, the largest cryptocurrency by trading volume, has launched a crypto card to assist Ukrainian migrants in completing transactions within the European Economic Area (EEA).

    Binance collaborated with banking-as-a-service platform Contis to develop the card.

    Ukrainian refugees can use the card in EEA retail establishments that accept credit cards. Binance Charity, the exchange’s non-profit arm, collaborated with other non-profit groups like as Rotary and Palianytsia as part of this program.

    The three companies hope to provide crypto-based cash assistance via the refugee crypto card. They specifically want to make it simple for relatives and friends of affected Ukrainians to transfer cryptocurrency to the new cards and Binance wallets in order to assist their loved ones.

    For the following three months, all verified refugees who apply for the card will receive 75 BUSD ($75) every month. This donation is in line with the amounts suggested by the United Nations High Commissioner for Refugees (UNHCR).

    After a payment is made, the BUSD in the Refugee Crypto Card is automatically changed into local currency.

    Binance Charity’s CEO Helen Hai remarked:

    At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs.

    Using blockchain to address real-world issues

    Binance is providing the Refugee Crypto Card for free in order to lessen the pain of already frustrated refugees. There will also be no costs associated with the card.

    To obtain the card, refugees will need to use an existing Binance account registered in Ukraine. For refugees who do not have Binance accounts, the exchange will allow them to open accounts using their Ukrainian home addresses, even if they are currently residing in another EEA nation. However, Know-Your-Customer (KYC) verification is required for all customers.

    Hai explained why Binance is so eager to assist Ukrainians:

    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.

    She continued, saying:

    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.

    The announcement comes after Binance imposed new limitations to prevent Russians from circumventing sanctions.

    The limits were implemented when the EU approved its fifth set of restrictive measures, which required Binance to cancel the accounts of Russian residents and companies holding more than $10,885 in cryptocurrency. Previously, the exchange stated that it would not prohibit all Russian users unless obliged by law.

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