Binance CEO Changpeng Zhao claims that the company is working on more initiatives to help its Turkish users.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, is set to help users affected by the recent earthquake in Turkey.
According to the announcement shared on February 7th, the crypto exchange will airdrop Binance Coin (BNB) worth $100 to all Binance users living in affected areas.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Make Passive Money with NFT? (Explained!)
In total, Binance expects to distribute donations worth around $5 million (or 94,000,000 Turkish Lira).
Based on Binance, the firm will identify users through users’ Proof of Address (POA), completed no later than February 6th. Crypto exchange plans to airdrop tokens to customers living in the ten most affected cities, including Adana, KahramanmaraÅŸ, Malatya, Kilis, and Osmaniye.
In the announcement, Binance founder and chief executive officer (CEO), Changpeng “CZ” Zhao noted:
The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis.
On top of that, in a separate tweet, CZ highlighted that the company is working on “more efforts.”
One of those efforts was launched along with the BNB airdrop announcement. Binance rolled out a public donation address. The crypto exchange accepts donations in Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Binance USD (BUSD), and Ripple (XRP). The company promised to convert all donations to Turkish Lira and “give it to an authorized” Turkish non-governmental organization.
Cryptocurrency exchange ended its announcement by stating:
Our team is doing their part to ensure that Turkish Binancians and their families are safe and sound and are providing whatever assistance is required. In these difficult times, Binance stands by our users and we will continue to work on additional ways to help our community in Turkey.
It is worth noting that Binance is not the only crypto exchange eager to help Turkish crypto community members. On February 6th, Bitget revealed that it had committed 1 million Turkish Lira (almost $50,000) to “aiding the relief efforts in solidarity with people impacted by the earthquake in Turkey.”
