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Cryptogambling / Binance pledges $3M to users affected by Morocco earthquake

Binance pledges $3M to users affected by Morocco earthquake

Publish Date: 13/09/2023
3 q, tags: binance users affected - images.unsplash.com

3 q – images.unsplash.com

In response to the recent earthquake that shook Morocco’s Marrakesh Safi province, Binance has vowed to provide up to $3 million to affected users in the region.

Starting distribution on September 12, the platform is expecting about 70,000 Moroccan users to benefit from this relief effort.

The earthquake was a magnitude 7 on the Richter scale. With at least 2,000 fatalities in Marrakesh alone, the earthquake is considered the deadliest in Morocco in over 60 years. Countless victims are left without shelter, food or resources in the aftermath.

Identification of the users will be based on Proof of Address (POA) completed before September 9, 2023. Users residing in the Marrakesh-Safi Province who have completed POA before the date will each receive $100 in BNB directly to their Binance accounts.

Although PoA is crucial for confirming the user’s identity and preventing fraudulent activities, Binance acknowledges that many users in the affected area may not have yet completed the required procedure. It encourages users to do so to be eligible for receiving the relief effort for a lesser amount. Any existing user who completes POA after September 9 and before September 30, 2023, will receive $25 in BNB directly to their Binance account.

Furthermore, active transacting users across Morocco who do not reside in the affected area will also receive $10 in BNB each.

CZ’s comments

In a recent message, Binance CEO Changpeng “CZ” Zhao expressed his deepest condolences to the people of Morocco.

“The earthquake’s effects on the Moroccan people are devastating,” he said. “We hope we can provide some support to those persons affected. We are asking Moroccan users who receive those donations but are not affected by the quake to send the funds to the needy people.”

In addition to the initiative, Binance Charity has also launched a public donation address, encouraging the wider crypto community to join the disaster relief. Donations to the Emergency Earthquake Appeal will be accepted in BNB, BTC, ETH, USDC, USDT or BUSD.

“For everything we receive at this address, we will donate the total crypto amount to an authorized NGO (to be named soon) to help people in need,” Binance Charity said.

Crypto transfers in disaster aid

Many are now open to the idea of using crypto transfers to deliver financial aid to disaster victims. Natural disasters often disrupt traditional banking services, which results in slower processing duration at a time when extra funds are required for essentials like medical supplies and food.

Aside from the transaction speed, crypto transfers provide low-cost, borderless and transparent transactions.

Binance carried out a similar disaster relief effort in March, aiding victims of the earthquake that hit parts of Turkey and Syria. In collaboration with OKX and KucoinDuring, they provided over $9 million for the victims. The Turkish government temporarily lifted the cryptocurrency ban for one week to accept virtual assets donations.

Binance had previously also donated to victims of floods and other natural disasters in countries such as India and Lebanon. Some donations were also made extensively during the COVID-19 pandemic through its philanthropic wing.

Inspired by Binance’s initiatives, many major players in the Web3 space have also used crypto to distribute aid to impacted communities. These include Ethereum founder Vitalik Buterin, Tron creator Justin Sun, The Sandbox, Bitget, Tether and Gate.io.

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