Binance Introduces New Crypto Card for Ukrainian Refugees

Binance Refugee Crypto card is the latest feature of the world’s largest cryptocurrency exchange. It’s for current and future customers of the company from Ukraine who have been forced to relocate to other countries because of the conflict with Russia.

Binance continues to support Ukrainians

The largest crypto platform has supported the Ukrainian side since the beginning of the Russia-Ukraine conflict. Binance donated $10 Million to the relief of the humanitarian crisis in the area just days after Putin launched the “special military operation”. This contribution was divided among many organizations, including UNICEF and UN Refugee Agency. UNHCR were also included.

A month later, $2.5 million in digital assets were donated by the exchange to help Ukrainian families and children who had been affected by war.

Binance launched a refugee card crypto card in its most recent effort to assist Ukraine. The entity partnered up with Contis, a European financial services provider, to introduce the product.

The Binance Refugee card allows displaced Ukrainians make or receive digital asset payments, and to complete transactions at European Economic Area (EEA), retailers that accept such settlements.

Kirill Khomyakov, General Manager of Binance in Ukraine, noted that approximately four million Ukrainians have fled their homes because of the war.

He stated that the Binance Refugee card will enable Ukrainians to receive help from Binance and other charities and, if needed, cryptocurrency from any other wallet.

The product also provides 75 BUSD to refugees who apply. This is equal to $75 per calendar month. During the transaction, the BUSD token is automatically converted into local currency.

A Binance Refugee Card can be obtained for free. The platform requires that refugees either use an existing account in their country or log in using a Ukrainian address. This is even if they have moved to another country. KYC verification is also required.

Helen Hai, Head of Binance Charity, spoke on the subject.

“We want blockchain to work for people, solving real-world issues and being used as a tool to link those who need it with those who do. We will continue to create partnerships and initiatives to assist the Ukrainian people. Additionally, we will continue to build crypto and blockchain tools that can be used to aid those affected by conflicts around the globe.

Binance and its Stance towards Russians

Although the crypto exchange chose Ukraine in the military conflict it initially pledged not to stop its services to Russian-based users. A spokesperson for the platform claimed that crypto was meant to give greater financial freedom, and this could be a violation of the sector’s concept.

Binance, however, updated its policy last week. The company placed restrictions on Russian customers with more than 10,000 euros in their accounts to comply with EU sanctions.

Binance stated that these users can only withdraw assets once they have completed proof-of-address verification. Trading and deposits will not be allowed.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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