Crypto exchange Binance has said it will airdrop $100 of its native BNB token to all its users identified to be in the regions most affected by the Turkish earthquake tragedy.
As a response to the unfolding disaster, Binance says it is taking the action in anticipation of similar devastating incidents where people in the affected areas lose access to traditional banking at a time when extra funds are needed to help cover medical supplies, food and other essentials.
Identification of the users will be based on proof-of-address (POA) in 10 cities where the earthquake has had significant impact, including Kahramanmaraş, Kilis, Diyarbakır, Adana, Osmaniye, Gaziantep, Şanlıurfa, Adıyaman, Malatya and Hatay.
The exchange admits that while the POA method has its limitations and inaccuracies, it is the best method available to determine a user’s location.
It is estimated the total donation will be around $5 million. Cryptocurency transfers are increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless and transparent transactions.
Binance Charity has also launched a public donation address for anyone to donate. Donations to the Turkey Earthquake Relief fund will be accepted in BTC, ETH, BNB, BUSD, XRP.
“The recent earthquakes in Turkey have had a devastating impact on so many people and communities,” said Binance founder and CEO Changpeng CZ Zhou.
“We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis.
“Our team is doing their part to ensure that Turkish Binancians and their families are safe and sound and are providing whatever assistance is required. In these difficult times, Binance stands by our users and we will continue to work on additional ways to help our community in Turkey.”
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