Binance issues ‘refugee crypto card’ to help displaced Ukrainians move money
Binance has today launched the Binance Refugee Crypto Card for Ukrainians forced to flee their homeland as a result of the Russian invasion.
The Binance card has been created in partnership with Contis. It will allow displaced Ukrainians to make or receive crypto payments and complete purchases at retailers in the EEA (European Economic Area) who accept card payments.
“At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs,” said Helen Hai, Head of Binance Charity.
Kirill Khomyakov, General Manager of Binance in Ukraine, said: “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.”
As part of the programme, Binance Charity is working with various non-profit organisations including Rotary and Palianytsia to provide crypto-based cash assistance through the ‘Refugee Crypto Card’ that will allow relatives or acquaintances to transfer cryptocurrency to the new cards and Binance wallets to support their loved ones.
Refugees who are verified by local non-profit organisations and applied for the Binance Refugee Crypto Cards will receive 75 BUSD, equivalent value to US$75 per month for three months in line with recommended donation levels by UNHCR – the UN Refugee Agency. The BUSD cryptocurrency will be converted to local currency automatically during the card payment.
Getting and using a card is free. To obtain a Binance Refugee Crypto Card, refugees will need to use an existing account registered in Ukraine or register a new Binance account using a Ukrainian home address, even if currently living in another EEA country. All users will be required to complete full KYC verification.
“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,” added Hai.
“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.”
In addition, Binance Charity created a cryptocurrency crowdfunding site ‘Emergency Assistance Fund for Ukraine” so that people from all over the world could donate cryptocurrency to support Ukraine. It has already raised about $1m.