Binance unveils crypto card to aid Ukrainian refugees
Every verified Ukrainian refugee that applies for Binance's crypto card will get 75 BUSD per month for the next three months.
Binance, the largest crypto by trading volume, has rolled out a crypto card to help Ukrainian refugees complete transactions seamlessly within the European Economic Area (EEA), according to an April 26 press release.
Binance has teamed up with banking-as-a-service platform Contis to create the card.
Ukrainian refugees can use the card at EEA retail shops that accept card payments. As part of this initiative, Binance Charity — the exchange’s non-profit arm — partnered with other non-profit organizations like Rotary and Palianytsia.
The three firms aim to offer crypto-based cash support through the refugee crypto card. Specifically, they seek to make it easy for relatives and friends of the affected Ukrainians to transfer crypto to the new cards and Binance wallets to help their loved ones.
All verified refugees who apply for the card will get 75 BUSD ($75) per month for the next three months. This donation aligns with the levels that the United Nations High Commissioner for Refugees (UNHCR) recommended.
After making a payment, the BUSD in the Refugee Crypto Card will automatically be converted into local currency.
Head of Binance Charity Helen Hai commented:
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.
Using blockchain to solve real-world problems
To alleviate the suffering of the already frustrated refugees, Binance is offering the Refugee Crypto Card for free. The card will also not charge any fees.
However, refugees will have to use an existing Binance account registered in Ukraine to get the card. For refugees without Binance accounts, the exchange will allow them to register accounts using their Ukrainian home addresses, although they are currently living in another EEA country. Know-Your-Customer (KYC) verification is, however, mandatory for everyone.
Explaining why Binance is keen on helping Ukrainians, Hai said:
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.
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.
The news comes after Binance introduced new restrictions to prevent Russians from evading sanctions.
The exchange introduced the restrictions after the EU enacted its fifth package of restrictive measures, which made it mandatory for Binance to close the accounts of Russian residents and entities that hold more than $10,885 in crypto. Previously, the exchange had said it would not ban all Russian users unless legally required.