Thousands of Ukrainians have ordered cryptocards issued by Binance, the world’s leading digital asset exchange, for users from the war-torn country. The cards allow people displaced by the ongoing conflict with Russia to make payments and receive financial assistance.
Binance Announces Results of Efforts to Help Ukrainian Refugees
Between April 26 and June 10, nearly 70,000 people were issued Binance Refugee Crypto Cards, the largest coin exchange by transaction volume crypto announced to news outlet Forklog. The settlement instrument was offeredin Aprilto help Ukrainians forced to leave their homes amid the Russian military invasion. The
cardallows displaced Ukrainian Binance users to send and receive crypto and pay at merchants in countries in the European Economic Area. With it, displaced persons can also receive financial assistance through Binance’s partners. Applications from 4,000 Ukrainians currently residing abroad have been approved and more than 1,700 have already received funds.
Binance is also participating in efforts to help internally displaced persons (IDPs) as part of a project launched with the charitable foundation Palianytsia and Rotary Club Kyiv International. Ukrainians with large families, minor children, disabled persons, and the elderly are given priority to benefit.
These most vulnerable people can rely on monthly assistance in the amount of 75 BUSD ($75) for three months, the report detailed. In the first phase, 5,000 internally displaced persons will be assisted with a budget of BUSD 1.2 million. Representatives of the exchange explained.
Initially, we intended to support those who were forcibly taken to the EU, who had been granted refugee status, and who really needed help. But in parallel, we decided to launch a pilot project to help those who remained in Ukraine.
Binance further revealed that it will work closely with Ukraine’s Ministry of Digital Development to organize, as early as this month, a course on online vocations for Ukrainians who lost their jobs in the war. The Exchange also stressed that it will continue to follow the policy of sanctions against Russia and ensure their implementation on its platform.
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