Binance Allocates $16M to the Ukrainian Crisis, Launches Crowdfunding Site

Binance has become the global leader in the blockchain industry, and one of the largest supporters for those in need. With previous efforts to help people affected by the pandemic, the crypto exchange has now put its focus on assisting war-torn Ukraine.

According to the official announcement, the crypto exchange donated $10M to support "displaced children and families in Ukraine and its neighboring countries", with the funds going towards humanitarian agencies like UNICEF, UN Refugee Agency, etc.

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Likewise, Binance announced a crowdfunding campaign through its charity platform and became the initial supporter by donating over 16K BNB (about $5.8M). This relief fund lets people donate cryptocurrencies to provide victims of war and refugees in Ukraine with elementary supplies.

With collaborative efforts from UNICEF and UNCHR, Binance has set its priority to help out those who became collateral damage by the horrors of war, and will provide families and children with "critical supplies, safe drinking water, protection, education, and psychosocial support."

According to the founder and CEO of Binance Changpeng Zhao, the war in Ukraine has left a bad taste in the community’s mouth, and the team has been making efforts with refugee groups to help Ukrainians seek asylum in supporting countries. He stated:

"We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need. This includes helping provide food, fuel, supplies and shelter for Ukrainians, which include countless Binance community members. We are using every resource and governmental channel we have to call on world leaders to end this conflict immediately."

With other charity groups working alongside Binance, including iSans and People in Need, the crypto exchange will seek to bring as many Ukrainian war refugees out of harm's way as possible, and continue its support for those who decide to stay within the war zone.

At the beginning of February, Binance Ukraine announced plans to launch a crypto payment card, alongside other crypto-assets like NFTs and tokens.

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