Millions of Ukrainians have fled their country as a result of the ongoing conflict with Russia.
Binance Refugee Crypto Card is the latest offering from the world’s largest cryptocurrency exchange, Binance. As a result of the Russian military campaign in Ukraine, many current and potential Ukrainian clients have been forced to relocate.
Ukrainians are supported by Binance
Since the beginning of the crisis between Russia and Ukraine, the largest cryptocurrency platform has sided with the Ukrainians. Binance donated $10 million to help with the humanitarian situation in the region two days after Russian President Vladimir Putin launched his “special military operation.” The money was sent to organizations such as UNICEF, UNHCR and others.
The exchange then donated $2.5 million in digital assets to help Ukrainian children and families affected by war, about a month after the initial donation.
Binance has just announced the creation of a refugee crypto card to help Ukraine. Contis, a European-based financial services company, helped introduce the product.
Displaced Ukrainians will be able to send and receive digital assets from companies in the European Economic Area thanks to the Binance Card for Refugees (EEA).
According to information provided by Kirill Khomyakov, General Director of Binance Ukraine, four million people have already evacuated their homes as a result of the conflict in the country.
The Binance Refugee Card will allow Ukrainians to get help from the cryptocurrency exchange and other charity groups, according to the CEO.
Refugees who apply will receive, in addition to the goods, 75 BUSD, that is, 75 dollars a month for three months. The identity of these people will be verified by non-profit organizations in the area. During the transaction, the BUSD token will be immediately exchanged for a USD token.
Binance Crypto Refugee Cards are available free of charge. Refugees, regardless of whether they have moved abroad, must use an existing account registered in their place of origin or log in using their residence address in Ukraine. Also, KYC verification is necessary.
Helen Hai, CEO of Binance Charity, stated:
“Blockchain should be used to solve real-world problems and to connect those who want to give directly with those in need, according to the authors. We will continue to build cryptocurrency and blockchain solutions to help those suffering as a result of conflict around the world.”
Binance approach to the Russian market
Although he has sided with Ukraine in the military conflict, he has stated that his services to Russian subscribers will not stop. In light of the fact that “cryptocurrencies are supposed to provide more financial independence,” as one platform executive put it in February, such a move could backfire.
Binance changed its policy just a few days ago. Under new EU restrictions, Russian customers who have more than €10,000 in their bank accounts will not be able to buy anything.
According to Binance, these users will only be able to withdraw money after presenting proof of address. Deposits and transactions are not allowed.
