In the wake of the devastating earthquake that recently struck Morocco, Binance Charity is rolling out a unique form of financial aid. The world’s leading cryptocurrency exchange is slated to airdrop up to $3 million in Binance Coin (BNB) to users located in the earthquake-affected regions of Morocco. The move adds a novel layer to the traditional forms of humanitarian aid and might set a precedent for how crypto can be mobilized for social good.
Identification of eligible users will be made using Proof of Address (POA) submitted before September 9, 2023, specifically targeting residents of Marrakesh-Safi Province, the area hit hardest by the disaster. Those who completed their POA by this date will be credited with $100 in BNB directly to their Binance accounts.
Understanding that not all users might have completed their POA by the specified deadline, Binance is extending a modified offer. Any existing user in the affected region who successfully completes POA between September 9 and September 30, 2023, will receive a $25 donation in BNB.
In a step that broadens the scope of its charitable endeavor, Binance will also make a smaller airdrop of $10 in BNB to active transacting users across Morocco, even if they’re outside the earthquake-hit areas. The company expects the initiative to benefit approximately 70,000 users in Morocco. The distribution of funds commenced today, on September 12, 2023.
Natural disasters often disrupt traditional banking and financial services precisely when they’re most needed—for medical supplies, food, and other necessities. This is where the inherent benefits of cryptocurrencies come into play. Crypto transactions offer a quick, cost-efficient, and transparent way to send financial aid across borders. Given the magnitude and immediacy of need following a disaster, this form of aid could become increasingly valuable.
Changpeng Zhao (CZ), the founder and CEO of Binance, expressed his sorrow over the catastrophe, stating, “The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected.” He further urged Moroccans who receive the donations but are unaffected by the calamity to forward the funds to those who are most in need.
In addition to the airdrop initiative, Binance Charity has also set up a public donation address for external contributions. The crypto donations received at this address will be forwarded in their entirety to an authorized non-governmental organization, yet to be named, working to help the affected population. Donors can contribute in multiple cryptocurrencies, including BNB, Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Tether (USDT), and Binance USD (BUSD).
As Morocco grapples with the devastation wrought by the earthquake, Binance’s innovative approach to aid represents more than just corporate social responsibility; it signifies a potential shift in how the world responds to humanitarian crises. And in these testing times, the crypto giant stands steadfast in its commitment to find more ways to support its user community in Morocco.
