Binance announces crypto card for Ukrainian refugees. The leading crypto exchange will help displaced Ukrainians get financial aid in Europe.
Global crypto exchange Binance is about to issues a crypto card for refugees from Ukraine. Main goal is to help them make crypto transactions and receive funds through the Binance Visa Card.
The card will allow displaced Ukrainians to send and receive crypto payments in the European Economic Area. They will also be able to make transactions at retailers located in EU.
Binance crypto card for Ukrainian refugees
Binance has developed the card in collaboration with several entities, including European banking-as-a-service platform Contis and nonprofit organizations Rotary and Palianytsia.
The refugees affected by the Ukrainian conflict will be able to to send and receive crypto funds and make purchases within the European Economic Area.
Though it is not yet clear how will the crypto funds be transferred into fiat money during the retail purchases. We’ll have to wait for further explanations from Binance.
The Binance crypto card for Ukrainian refugees will also give them direct financial support from the crypto exchange.
Recipients of the card will have to be verified by their local non-profit organizations. We still yet to see the explanations of that procedure. Later they will receive 75 Binance USD (BUSD) per month for three months. This is the donation amount according to recommendations by the United Nations High Commissioner for Refugees.
The purpose of the Binance crypto card for refugees
According to Binance statement, the card is not a commercial product.
Binance seeks to provide a functional payment instrument for Ukrainian refugees to receive and spend donations. At the same time Binance hopes the card will be an illustration of how crypto can play a role in society.
Crypto is a tool that has no boundaries and restrictions, does not require documents and other complex and lengthy bureaucratic procedures, Binance claims.
Cryptocurrency plays quite a vital role in the Ukrainian resistance to Russian invasion. Ukraine asked for crypto donations in the first days of war and has already received more than $100 million in crypto.
Binance has been actively helping Ukraine, though there is a huge scandal around the possible actions taken by Binance to actually continue working with Russia despite Western sanctions.