Binance Announces A $10 Million Donation To Ukraine And Establishes An Emergency Relief Fund.

Binance, the world’s largest cryptocurrency exchange in terms of volume, has announced a $10 million donation to Ukraine. In addition, an emergency fund for the affected country is being established.

It is unsurprising that worldwide support for Ukraine has grown in the context of Russia’s invasion.

Following Russia’s invasion of Ukraine, specialists from many sectors became concerned about the possibility of worse-case scenarios. For example, cybersecurity experts have begun to respond to questions about whether a global cyberwar is poised to break out. The crypto currency sector did not sit idle either.

CEO CZ said on Twitter, “Our focus is providing on-the-ground support.” We care about the people.”

Binance’s official statement about charity fund launched:

In response to the Russia-Ukraine crisis, we are donating US$10 million to major Intergovernmental Organizations and NGOs to provide emergency assistance to refugees and children and to provide logistical support for refugees, such as food, fuel, and supplies.

Binance‘s Ukraine Emergency Fund has already received almost $6 million in donations. The fund is intended to assist individuals impacted by recent natural catastrophes and unrest in Ukraine, an Eastern European country.

Following the Russian conflict situation, FTX’s creator, Sam Bankman Fried, said that he had contributed $25 in cryptocurrency to each user in Ukraine.

FTX (Bahamian cryptocurrency exchange) provides advanced trading options such as margin trading and futures trading. Unfortunately, they are inaccessible to US people because to US-based rules that prohibit them from functioning on their home land. However, there is another competitor known as FTX.US has fewer crypto choices than normal FX platforms throughout the world.

Ukraine is a blockchain development hotspot. The country’s embrace of cryptocurrencies has made it one of the few places in the world where you can legally trade Bitcoin or other digital currencies without fear of taxes.

Just days after Russia invaded Ukraine, the country’s official Twitter account requested cryptocurrency donations.

Mykhailo Fedorov, Ukraine’s Vice Prime Minister, verified that the appeal for funds was genuine. He urged everyone to “Stand with Ukraine.”

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Patrick

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