Binance has issued about 70,000 refugee crypto cards to Ukrainians
Thousands of Ukrainians have bought a cryptocurrency card from Binance, the world's largest digital asset exchange, for its users in the war-torn nation. The card lets those who have been displaced by Russia's continuing conflict make payments and get financial assistance.
The Binance Refugee Crypto Card was provided to around 70,000 people between April 26 and June 10, according to the sources, the largest coin exchange by trading volume. The payment product was launched in April to assist Ukrainians who were forced to flee their homes as a result of Russia's armed assault.
The card allows displaced Binance users in Ukraine to send and receive crypto transactions as well as pay at businesses in European Economic Area nations. It also allows refugees to obtain financial help from Binance's partners. 4,000 Ukrainians living abroad have had their applications accepted, with more than 1,700 already receiving payments.
Binance also contributes to efforts to assist internally displaced individuals (IDPs) as part of a project developed in collaboration with the Palianytsia and Rotary Club Kyiv International charity foundations. Large families, those with little children, the disabled, and the elderly will be given preference.
According to the article, these neediest persons would get monthly support in the amount of 75 BUSD ($75) for a period of three months. With a budget of $1.2 million, the project will first assist 5,000 IDPs. The exchange's representatives explained: "At first, we were intending to support persons who were pushed into the EU, were awarded refugee status and were in desperate need of assistance." However, we also decided to start a trial operation to assist those who stayed in Ukraine.
Binance also announced that it is working closely with the Ukrainian Ministry of Digital Development to create an online professions course for Ukrainians who have lost their employment as a result of the war, which might happen as soon as this month. The exchange also stated that it will continue to monitor Russia's sanctions regulations and guarantee that they are implemented on its platform.