The world’s largest cryptocurrency exchange launched its newest feature, called Binance Refugee Crypto Card. It is designated for current and future users of the company from Ukraine, who were forced to move to other countries due to the military conflict with Russia.
Ever since the start of the Russia-Ukraine war, the leading crypto platform has been a strong supporter of the Ukrainian side. A few days after Putin launched his “special military operation,” Binance donated $10 million to help the humanitarian crisis in the region. The contribution was split among numerous organizations, including UNICEF, the UN Refugee Agency, UNHCR, and more.
Nearly a month later, the exchange donated $2.5 million worth of digital assets to support Ukrainian children and families who have been affected by the war.
Binance’s most recent attempt to help Ukraine includes launching a refugee crypto card. To introduce the product, the entity partnered with the European financial services provider – Contis.
Binance Refugee Card enables displaced Ukrainians to make or receive digital asset payments and complete transactions at retailers in the European Economic Area (EEA) who accept such settlements.
Kirill Khomyakov – General Manager of Binance in Ukraine – noted that around four million people have already left their Ukrainian homes due to the war:
“The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations and, if necessary, receive cryptocurrency from any other wallet,” he stated.
Additionally, refugees who apply for the product will receive 75 BUSD, equal to $75 per month for three consecutive months. It’s worth noting that the identities of these individuals will be verified by local non-profit organizations. The BUSD token will be converted to local currency automatically during the transaction.
Obtaining a Binance Refugee Crypto Card is free. Refugees must use an existing account registered in their homeland or sign in with the platform using a Ukrainian home address, even if they have already moved abroad. KYC verification will be a necessary step, too.
Speaking on the matter was Helen Hai – Head of Binance Charity:
“We want to see blockchain working for people, solving real-world problems and using it as a tool to connect those who want to help directly with those in need of it. We will continue to develop initiatives and partnerships to help the Ukrainian people and continue to develop crypto and blockchain tools to help aid those suffering from conflicts elsewhere in the world.”
Despite picking Ukraine’s side in the military conflict, the crypto exchange initially vowed not to halt its services to Russian-based users. In February, a spokesman for the platform argued that “crypto is meant to provide greater financial freedom,” and such a move could oppose the concept of the sector.
Last week, though, Binance updated its policy. In line with the latest EU sanctions, the company imposed certain restrictions on Russian customers who have more than 10,000 EUR in their accounts.
Binance said these users will only be able to withdraw assets after completing proof-of-address verification. Deposits and trading will not be possible.