Binance Donates $10 Million to Ukraine
Binance, the global leader in cryptocurrency and blockchain infrastructure, has pledged at least $10 million to support the humanitarian crisis in Ukraine through its Binance Charity Foundation.
The donation will be distributed to major intergovernmental organizations and non-profit organizations already working on the ground. This includes UNICEF, UNHCR, UNHCR, iSans, and people in need, to support Ukrainian and neighboring countries.
Binance also launched a crypto-first crowdfunding site called the Ukraine Emergency Relief Fund. The site allows people to donate cryptocurrency to provide emergency relief for refugees and children. The site also supports on-site logistics such as food, fuel, and relief supplies for refugees. Binance has donated 16,042 BNB, equivalent to $6 million.
The largest crypto exchange is also working with several local refugee groups that are actively working to expedite the crossing of the border by Ukrainians to the safety of the two neighboring countries.
Binance Charity, through its Luxembourg Committee, is continuously working with UNICEF. It assists the Beirut bombing and supports global COVID-19 (COVAX) immunization efforts.
Their latest donation protects the welfare of 7.5 million children in Ukraine. As the conflict escalates, so do the needs of children and their families. UNICEF’s current response includes providing critical supplies, safe drinking water, helping displaced families, protecting children, emergency educational resources, and psychosocial support.
The United Nations Refugee Agency (UNHCR) is a global organization dedicated to saving lives, protecting rights, and building a better future for those forced to flee their homes due to conflict and persecution. UNHCR has been working in Ukraine since 2014, providing essential aid and shelter to people forced to flee their homes.
Ukraine Government Wants Full-Scale Crypto Crackdown On Russians
On Sunday, the Ukrainian government escalated its rhetoric against Russian crypto users, saying it was time to sabotage ordinary users.
Deputy Prime Minister Mikhailo Fedorov tweeted that he urged all major cryptocurrency exchanges to ban addresses of Russian users.
He had previously asked about digital wallets linked to Russian and Belarusian politicians. He added that the Ukrainian crypto community was ready to offer lucrative rewards to anyone who tipped.
The government has used Twitter to collect millions of dollars worth of cryptocurrency donations and posted on online hacking forums seeking help to prevent cyberattacks.
While it was initially unclear how the largest exchanges would respond to Fedorov’s latest call, the CEOs of some of them have publicly expressed their support for Ukraine since the Russian invasion.
Besides Binance’s donations, a crypto platform DMarket also said it is cutting all ties to Russia and Belarus. The exchange has blocked existing accounts of users in those countries.
Artem Afian, a Ukrainian lawyer responsible for obtaining information on politicians’ accounts, plans to publish a list of politicians’ addresses and share them with significant cryptocurrency exchanges. The goal is to label these addresses as “toxic” and prevent people and companies from doing business with them.
Western countries, including the United States, agreed on Saturday to divest some Russian banks of SWIFT. SWIFT is a messaging system used for transactions between thousands of banks worldwide.
The move is just the latest in a series of international sanctions to isolate Russia from the global financial system. These measures have increased pressure on Russians to find alternative ways of transferring wealth, and cryptocurrencies are a potential option.