Binance announces crypto card for Ukrainian refugees
The card will allow displaced Ukrainians to send and receive crypto payments as well as make purchases at retailers in the European Economic Area
By Shashank Bhardwaj
Leading international crypto exchange Binance has teamed with Contis, a European banking service provider, to introduce a crypto card for Ukrainian refugees, allowing them to make crypto payments in the European Economic Area.
“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”, said Kirill Khomyakov, Binance's Ukraine general manager.
Binance announced that, in addition to Contis, it was collaborating with other charitable groups such as Rotary and Palianytsia to provide crypto-based cash support to refugees afflicted by the Ukrainian war. This will allow the families or acquaintances of displaced Ukrainians to send crypto to the card.
Helen Hai, the Head of Binance Charity, believes that cryptocurrencies are important in these difficult times because they provide a quick, cheap, and safe way of transferring funds and assisting individuals with their immediate financial needs. Crypto, according to Hai, is a tool that has "no boundaries, restrictions, does not require documents and other complex and lengthy bureaucratic procedures, and is capable of producing results here and now.”
Besides access to crypto transactions, holders of refugee cards verified by Ukrainian non-profits will receive financial assistance from Binance. These users will receive 75 BUSD per month for three months, which is the suggested donation level by the UN High Commissioner for Refugees (UNHCR).
Following the latest wave of restrictive measures by the European Union against Russia in response to its invasion of Ukraine, Binance had limited its Russian services last week. The company had also faced public backlash for reportedly exchanging user data with Russian regulators and entities, although the exchange denied the allegations.
Ethereum founder Vitalik Buterin had also contributed $5 million in Ether (ETH) towards Ukrainian relief earlier this month.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash