The largest crypto exchange in the world by trading volume, Binance has recently announced a number of humanitarian aid actions that it would take for showing its support to the people in Ukraine. According to the announcement, Binance will donate $10 million via the Binance Charity Foundation in order to offer its assistance to the people in Ukraine. The exchange also disclosed that it was also launching a crypto-first crowdfunding website that will be dedicated to coordinating the donations made for the Ukrainian cause. The announcement from the leading exchange comes in light of the recent conflict between Ukraine and Russia.
The purpose of the $10 million donation is to support the humanitarian efforts being made for assisting the Ukrainian citizens who are stuck in the midst of the conflict. The donation will be divided between the governmental and nonprofit organizations that are currently operating in Ukraine. UNICEF is one of these organizations and Binance has a long history of collaborating with it for humanitarian causes. Some of the other organizations that will also handle part of the funds include People in Need, Isans, the UN Refugee Agency and the UNHCR. The goal of these organizations would be to offer their support to displaced kids and their families.
As there are a number of third parties that are also interested in donating to the Ukrainian cause, Binance has decided to assist them as well. It is doing so through the crowdfunding initiative that it is introducing by the name of ‘Humanity First –Ukraine Emergency Relief Fund’. People who want to donate crypto to the initiative will be able to do so easily. The exchange announced that these funds would be used for providing children and refugees with emergency relief and for supporting logistics on the ground, such as fuel, food as well as supplies for refugees.
A donation has already been made by Binance to this fund, which is around 16,042 BNB. At the time of donation, this was valued at about $6 million. There are some other donors who have also made their own contributions. The addresses that are linked to the fund have already recorded about 370 transactions that were made and the total donated was close to 148.25 BTC. This is valued at around $6,443,051. Binance is not the only one that has been coordinating donations made for the Ukraine conflict. The Ukrainian government had made a request for crypto donations on Saturday.
It had posted its own addresses on social media and donations were being accepted in BTC, USDT and ether. There have already been 13,670 transactions that have been made, which are valued at more than $10.6 million. However, it should be noted that a request to Binance and other crypto exchanges by the Ukrainian Deputy Prime Minister for freezing accounts of Russian crypto users. But, the request was not well-received by the crypto community in general and the exchange itself did not comply with the request, considering it unfair to innocent crypto users in Russia.