Binance Launches Refugee Crypto Card for Ukrainians; They Will Receive 75 BUSD Monthly

Binance Launches Refugee Crypto Card for Ukrainians

Binance has today launched the Refugee Crypto Card for all current and new Binance users from Ukraine forced to move to EEA countries as a result of the war with Russia.

The Binance card has been created in partnership with Contis. It will allow displaced Ukrainians to make or receive crypto payments and complete purchases at retailers in the EEA who accept card payments.

“At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs,” said Helen Hai, Head of Binance Charity.

Kirill Khomyakov, General Manager of Binance in Ukraine, said: “To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations, and, if necessary, receive cryptocurrency from any other wallets.” 

As part of the programme, Binance Charity is working with various non-profit organizations including Rotary and Palianytsia to provide crypto-based cash assistance through the Refugee Crypto Card that will allow relatives or acquaintances to transfer crypto to the new cards and Binance wallets to support their loved ones.

Refugees who are verified by local non-profit organizations and applied for the Refugee Crypto Cards will receive 75 BUSD, equivalent value to US$75 per month for three months in line with recommended donation levels by UNHCR, the UN Refugee Agency. The BUSD cryptocurrency will be converted to local currency automatically during the card payment. 

Getting and using a card is free. To obtain a Refugee Crypto Card, refugees will need to use an existing account registered in Ukraine or register a new Binance account using a Ukrainian home address, even if currently living in another EEA country. All users will be required to complete full KYC verification.

Ms. Hai added: “We want to see blockchain working for people, solving real-world problems and using it as a tool to connect those who want to help, directly with those in need of it. We will continue to develop initiatives and partnerships to help the Ukrainian people and continue to develop crypto and blockchain tools to help aid those suffering from conflicts elsewhere in the world.” 

The move is part of the crypto exchange’s continued support program for Ukrainians affected by the war. Previously, the leading crypto exchange has allocated 10 million USD through Binance Charity to support displaced children and families in Ukraine and its neighbouring countries. This includes providing shelter, food, safe drinking water, medical supplies, cash assistance and psychological support to those who have been forced to take refuge. Binance Charity is also focusing efforts on working with organizations in-country to support civilians who have not been able to leave and face an even greater threat of danger.  

In addition, Binance Charity created a cryptocurrency crowdfunding site “Emergency Assistance Fund for Ukraine” so that people from all over the world could donate cryptocurrency to support Ukraine. It has already raised about $1M.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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