Binance Announces $3 Million Aid to Users in Morocco
- Binance hopes to send its relief to about 70,000 users.
- Changpeng Zhao urged unaffected users to extend aid to those affected by the disaster.
- Morocco was recently struck by a devastating earthquake that has affected thousands of families.
Binance Charity disclosed plans to send a substantial relief package as aid to victims of the recent catastrophic earthquake in Morocco. The crypto exchange plans to give out up to $3 million worth of BNB (Binance Coin) to its users who live in the earthquake-affected areas.
As per an official statement, users who have their Proof of Address (POA) verification conducted before September 9, 2023, in the Marrakesh-Safi Province will qualify for the relief. These individuals will each get $100 worth of BNB tokens deposited into their Binance accounts.
In addition, Binance Charity will also give $25 in BNB to existing users who complete the POA procedure between September 9 and September 30, 2023. The crypto exchange noted that this extension was in recognition of the possibility that some impacted users may not have finished POA verification by the first timeframe.
Additionally, there will be an airdrop of $10 in BNB for each active Binance user in Morocco, even if they do not reside in the affected region. These relief efforts are anticipated to help some 70,000 Binance users in Morocco. The exchange plans to begin the distribution of the funds on September 12, 2023.
Binance CEO and founder Changpeng Zhao described the earthquake as “devastating” for the people of Morocco and expressed his sympathies for the nation. Zhao urged unaffected users who received these funds to pass them on to those hit by the disaster. He wrote:
For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.
Additionally, the crypto exchange said it has opened a public wallet address where donations can be made in BNB, USDC, ETH, USDT, and BUSD. Binance implemented a similar relief program in March with $100 airdrops in BNB tokens for those impacted by the devastating earthquakes that struck the Turkey-Syria border region.
Cryptocurrency’s use cases have expanded in recent months to include being used for charitable purposes and as a means of distributing relief to disaster victims. Traditional banking services become hard to access during times of hardship like earthquakes. So, many nations and individuals depend on the reliable and fast-paced nature of blockchain transactions to access financial help.
For example, most Ukrainians have relied on crypto donations to access funding. In addition, Russia has also shifted its attention to cryptocurrencies to bypass Western sanctions. Many believe that these instances are some of the reasons why Web3 has come to stay.