Binance launches crypto payment card for Ukrainians fleeing their country during Russian invasion
Cryptocurrency exchange Binance announced on Tuesday that it has launched a card for Ukrainian users who fled their country due to the Russian invasion, saying the blockchain-based currency is an effective way to meet people’s financial needs. ’emergency.
Displaced Ukrainians can use the card to make or receive crypto payments and make purchases at retailers in the EEA that accept card payments, the world’s largest cryptocurrency exchange said in a statement.
“At such a difficult time for Ukraine, it is clear that cryptocurrencies are useful as they offer a fast, cheap and secure way to transfer funds to help people meet their urgent financial needs,” said Helen Hai, Head of Binance Charity, in the statement. . New Binance users must complete an application according to the Know Your Customer guidelines.
More than 5 million people have left Ukraine in search of safety from the Russian invasion, according to the United Nations High Commissioner for Refugees. Russia, in its war against the former Soviet republic, bombed the capital kyiv and the coastal cities of Mariupol and Odessa, among others.
The Binance Charity donation platform works with nonprofit organizations to provide crypto-based cash assistance through the card that will allow relatives or acquaintances to transfer crypto to Binance cards and wallets.
Refugees who are verified by local nonprofits and who applied for the card will receive $75 worth of Binance cryptocurrency, equivalent in value to $75, every month for three months. The BUSD cryptocurrency will be automatically converted to local currency when paying by card, the exchange said.