Libya is underwater right now. There storm Daniel did not spare several regions located in the east of this country: Benghazi, El Beïda, Sousse, Al Marj and Derna. They are currently suffering heavy losses following thecollapse of two dams during the night from Sunday to Monday. In Derna alone, floods caused the death of 2,200 people and some 5,000 individuals missing. Faced with this, the crypto community is active through Binance which has just decided to send $500,000 in BNB to its users.
In short
- Binance pays $500,000 in cryptocurrencies for its Libyan users
- The CZ crypto exchange has already decided to help Morocco by distributing the equivalent of $3 million in BNB to victims
Binance at the bedside of the Libyans!
The crossing of a legal storm facing the SEC did not prevent Binance from showing generosity in the face of the misfortunes of Maghreb victims of natural cataclysm during last weekend. Yesterday, the world’s most popular cryptocurrency exchange already announced the distribution ofa fairly substantial sum for Moroccans.
“ One more donation today. Stay strong Libya! »
In a communication shared on its official website, Binance revealed that an envelope of $500,000 in BNB will be allocated to its users located in Libya with a view to reconstruction after floods.
“ In response to the devastation caused by the recent floods in Libya, Binance will distribute BNB worth 100 USD to all Binance users who provided a Proof of Address (POA) in Libya. […] Funds will reach our users from September 13, 2023 », we can read in the press release.
Why such an initiative ? In the eyes of Binancenatural disasters deprive people of better access to traditional banking services. However, this type of situation often forces them to look for “ additional funds to cover medical supplies, food and other basic needs “.
Hence the importance of cryptocurrencies.
“ THE cryptocurrency transfers are increasingly used to provide financial assistance for disaster victimsbecause they enable fast, inexpensive, borderless and transparent transactions », Adds the Binance spokesperson.
Conditions for receiving crypto donations from Binance
As for Moroccans, Binance has set conditions for the beneficiaries of its BNB donations. Among them, we found:
- be a crypto investor at Binance;
- having completed the proof of addresses (POA);
- etc.
“ Users who completed their POA before September 11, 2023 will each receive $100 in BNB directly to their Binance account. For any existing user who has completed a POA after September 11, 2023, we will make a donation of 25 dollars in BNB directly to their Binance account. Additionally, all active users in Libya will receive $10 in BNB », Specifies the Binance team.
The cryptocurrency exchange, however, recognized that the Proof of Address mechanism has its limits. Nevertheless, it constitutes a best alternative to locate Binance users victims of the flood in Libya.
Note that the 500,000 dollars in BNB intended for the reconstruction of this Maghreb country will be able to support approximately 13,000 Libyans having a crypto wallet.
Also, we will note at the end of this article the existence of a public address offered by Binance Charity to collect donations in cryptocurrencies (BNB, BTC, USDC, ETH, BUSD or USDT). All of the assets obtained will be used to pledge the crypto portfolio of an NGO whose name will be known soon.
Such an initiative has already helped the Ukrainian army to better equip itself against Russia.
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