The Ukraine-Russia war brought the entire globe together in support of the war-torn country. Crypto was extensively employed in this war and these assets proved to be a safe haven. The increased usage of these assets drove Ukraine into legalizing them. Now as Ukrainians seek refuge in other countries, Binance was seen easing this transition. The cryptocurrency exchange has formulated a crypto card for refugees that were forced to relocate.
According to the exchange, the card was created in collaboration with Contis. With this card, displaced Ukrainians would further be allowed to carry out transactions in the European Economic Area [EEA].
A total of four million Ukrainians have left their houses and fleed to other countries. As a result, Binance intends to aid these refugees by offering them financial aid through Binance USD [BUSD]. All the recipients of the card that garnered a green signal from the local non-profit organizations would be given 75 BUSD every month for the next three months.
Additionally, the BUSD would be converted to the respective local fiat currency.
Further highlighting the importance of crypto amidst the ongoing war, Helen Hai, the Head of Binance Charity 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.”
Here’s how to acquire the Binance Refugee Crypto Card
This process of amassing the crypto card is free of cost. Users have to employ their existing accounts. Those who do not have an account are required to use their Ukrainian home address despite living in another country at present. Following this, a KYC verification process would be mandatory.
Furthermore, with this card, refugees can also seek help from Binance as well as other charitable organizations. Other wallets can also send crypto to the refugees.