Binance the world’s largest cryptocurrency exchange by trade volume announced on April 26 that it would make the ‘Binance Refugee Crypto Card‘, available to all existing and new customers from Ukraine who as a result of war with Russia have been reallocated to the European Economic Area (EEA).
In particular, the card is developed in collaboration with Contis which allows immigrant Ukrainians to send and receive cryptocurrency payments, as well as make purchases from EEA merchants who accept credit card payments.
The Head of Financial Charity Helen Hai stated:
“At such a difficult time for Ukraine, it is clear that cryptocurrencies are useful because they provide a fast, cheap and secure way to transfer funds to help people with immediate financial needs.”
The refugees who have been certified by local non-profit organisations and have applied for the card will receive 75 Binance USD (BUSD), which is equivalent to $75 for three months corresponding to UNHCR-assisted contribution amounts.
While at the time of payment from the card, Binance USD cryptocurrency will be immediately converted to local currency.
Ukraine’s general manager of finance Kirill Khomyakov noted that about four million people have already left Ukraine and it is our responsibility to help those who lost their homes in the war and were forced to leave, the refugee card will allow the Ukrainains to get help support and help from Binance and various other charitable organisations, and even cryptocurrencies from other wallets.
This move is part of Binance’s support for Ukrainians affected by the conflict in their country. Binance has also previously donated $10 million through the Binance Charity to help displaced children and families in Ukraine and its border countries.
Furthermore, Binance has also restricted its services in Russia following the EU’s latest sanctions last week. While the platform is being heavily criticized for sharing user data with Russian regulators and FSB-regulated agencies, including Alexei Navalny.