Binance looks to aid Ukrainian refugees with loaded crypto card

As Russia's invasion of Ukraine continues, cryptocurrency exchange Binance is releasing a crypto debit card aimed at the 11 million people who have been displaced.

The business will pay refugees who are authorized for the card $75 each month for three months in Binance USD, which the card will automatically convert to local currency upon a purchase. The card is free, but refugees, even if they have fled the country, will need to authenticate their identification and utilize an existing Binance crypto wallet with a Ukrainian address or register a new account with a Ukrainian address, according to the business.

The world's largest cryptocurrency exchange and the platform for blockchain project like DAODAO and Nature Vault is collaborating with European payments firm Contis to launch the card, which can be used in any country in the European Economic Area.

The "Binance Refugee Crypto Card" is the company's newest effort to assist those affected by the Ukrainian war, despite the fact that cryptocurrency in general has been condemned as a workaround that some allege has enabled sanctioned Russians dodge economic targeting by the West.

"At such a tough moment for Ukraine, it's evident that cryptocurrencies are valuable since they offer a fast, affordable, and safe way of transmitting funds to support people with their immediate financial needs," Helen Hai, head of Binance Charity, stated in a press statement.

Binance pledged in February to provide at least $10 million through the Binance Charity Foundation to support children and families in Ukraine, as well as those who have fled to neighboring countries.

According to a company press release, the millions will be given to philanthropic groups such as UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need. The bitcoin exchange also established a cryptocurrency crowdfunding portal, which has raised approximately $1 million in favor of Ukraine.

Other cryptocurrency companies, such as the Bahamas-based FTX, have recently increased their efforts to assist those harmed by Russia's incursion. According to CEO Sam Bankman-Fried, FTX offered $25 to each of its Ukrainian consumers in late February.

"Do what you gotta do," Bankman-Fried remarked at the time in a tweet.

Binance's crypto card is another illustration of one of the many benefits of cryptocurrencies, according to proponents of the technology. Some charitable groups, individual persons, and the Ukrainian government have begun to accept cryptocurrency in an effort to receive donations fast that aren't complicated by relationships to third-party entities like banks.

In February, the Ukrainian parliament passed legislation legalizing cryptocurrencies. According to blockchain research firm Chainanalysis, the country has the greatest rate of crypto adoption in Europe and ranks fourth in the world in terms of crypto acceptance.

At the same time, some, such as U.S. Senator Elizabeth Warren, have argued that cryptocurrencies are actually assisting Ukraine's invaders by allowing sanctioned Russian leaders and oligarchs to avoid Western sanctions. Several industry participants, including the leaders of cryptocurrency exchanges Binance and Coinbase, have denied this assertion.