Binance, the world’s largest crypto exchange, has launched its Binance Refugee Crypto Card for Ukrainian Binance users who were forced to move to Europe due to the ongoing war with Russia.
The card has been created to allow displaced Ukrainians to conduct crypto transactions and complete purchases at card-accepting retailers in the European Economic Area (EEA).
Helen Hai, head of Binance Charity, said: “At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs.”
The Binance Refugee Crypto Card has been built in partnership with Contis, a banking as a service and pay-tech solutions firm.
Kirill Khomyakov, general manager of Binance in Ukraine, said: “To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Crypto Card will allow Ukrainians to get help from Binance and other charitable organisations, and, if necessary, receive cryptocurrency from any other wallets.”
As part of the programme, Binance Charity is working with various non-profit organisations, including Rotary and Palianytsia, to provide assistance through the card.
Verified refugees will will receive 75 BUSD ($75) for three months in line with recommended donation levels by the UN Refugee Agency. The BUSD cryptocurrency will be converted to local currency automatically during the card payment.
In order to obtain a BRCC, refugees must use an existing account registered in Ukraine or register a new Binance account using a Ukrainian home address, even if currently living in another EEA country.
Hai added: “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.”
The move is part of Binance’s continued support of Ukrainians affected by the war. In February, Binance allocated $10 million to help displaced children and families in Ukraine and its neighbouring countries.
Binance has also imposed restrictions on Russian users with balances valued at over €10,000.
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