Crypto: Bitget allocates $1.54 million to victims of the Hong Kong fire

On November 26, 2025, the Wang Fuk Court fire in Hong Kong left 94 dead and hundreds missing. Bitget, leader in crypto exchanges, announces a $1.54 million fund for victims. An initiative which reveals the humanitarian commitment of an often controversial sector, but also its contradictions in the face of Chinese repression.

Bitget donates $1.54 million for Hong Kong fire victims

The Wang Fuk Court fire, which occurred on November 26, 2025 in Hong Kong, left its mark with its scale and its dramatic human toll: 94 dead, more than 70 injured and 279 missing. In this context, Bitget, one of the largest crypto exchange platforms, has announced a donation of 12 million HKD, or 1.54 million dollarsto support affected families.

This fund is divided between three local charities: HKD 5 million for Yan Chai Hospital, to finance emergency medical care and rehabilitation of victims, and HKD 3.5 million each for the Salvation Army and Po Leung Kuk, dedicated to temporary accommodation, financial aid and psychological support. Bitget insists on transparent and targeted distribution, in addition to government measures.

Gracy Chen, CEO of Bitget, said the initiative aims to support the rapid and safe reconstruction of destroyed homes. An approach that strengthens the image of a committed and responsible crypto industry, capable of responding effectively to humanitarian crises.

The crypto industry mobilizes: more than $3 million raised for Hong Kong

The outpouring of solidarity is not limited to Bitget. Other major players in the crypto industry also contributed, bringing the total donations to over $3.2 million. Binance, for example, allocated $1.28 million, while KuCoin rounded out with $256,000. These contributions demonstrate the sector's ability to mobilize quickly in the event of a crisis.

Cryptocurrency donations offer unparalleled transparency and speed. Bitget and Animoca Brands have committed to publishing donation receipts, ensuring every dollar is put to good use. This approach contrasts with the cumbersome administrative procedures of traditional donations, often criticized for their slowness.

Hong Kong supported by crypto, while China tightens its crackdown

While Hong Kong benefits from the help of the crypto industry, China, for its part, is strengthening its crackdown on cryptocurrencies. The Chinese Central Bank (PBC) recently tightened its measures, banning transactions and strengthening monitoring of platforms. These restrictions weigh on the market, with downward pressure on the price of bitcoin, already weakened by the current volatility.

This paradox is striking: on the one hand, Hong Kong, a semi-autonomous territory, receives massive support from a sector that mainland China seeks to stifle. Hong Kong, with its more open regulation, is attracting crypto businesses, providing a stark contrast to Beijing's restrictive policies. This mobilization therefore proves that crypto remains a powerful tool of resilience, capable of transcending borders and restrictions.

With its donation of $1.54 million, Bitget illustrates the crypto industry's ability to act effectively in times of crisis. However, this solidarity contrasts with the regulatory tightening in China. In your opinion, can crypto reconcile social utility and resistance to restrictions such as the end of USDT in Europe? Time will tell.