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Business News/ News / Binance Charity to airdrop $3 million in BNB to Morocco earthquake victims. Details here
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Binance Charity to airdrop $3 million in BNB to Morocco earthquake victims. Details here

Binance Charity to airdrop $3 million in BNB to Binance users residing in earthquake hit Morocco.

Morocco earthquake: Survivors of the 6.8-magnitude earthquake that struck on September 8, are seen gathering under a makeshift tent in the village of Tikht near Adassil in central Morocco on September 10. (AFP)Premium
Morocco earthquake: Survivors of the 6.8-magnitude earthquake that struck on September 8, are seen gathering under a makeshift tent in the village of Tikht near Adassil in central Morocco on September 10. (AFP)

Binance in a blog post on September 12 stated that Binance Charity plans to airdrop up to $3 million in BNB to Binance users residing in areas affected by the recent earthquake in Morocco. 

The identification of eligible users will rely on Proof of Address (POA) completed before September 9, 2023, specifically in the Marrakesh-Safi Province, which bore the brunt of the disaster. Those who completed POA before this date in the designated region will each receive $100 in BNB directly into their Binance accounts.

Recognising that many affected users might not have completed POA yet, Binance Charity will donate $25 in BNB directly to the Binance accounts of existing users who complete POA after September 9, 2023, but before September 30, 2023. Active transacting users across Morocco, even those not in the affected region, will receive an airdrop of $10 in BNB each.

These efforts are expected to reach approximately 70,000 Binance users residing in Morocco, with disbursements starting on September 12, 2023.

Also read: Crypto exchange Coinbase clarifies discontinuation reports for Indian users, states breach of standards as reason

Natural disasters often disrupt traditional banking services when extra funds are required for essential needs like medical supplies and food. Cryptocurrency transfers have increasingly become a means of delivering financial aid to disaster victims due to their speed, low cost, borderless nature, and transparency.

Binance's founder and CEO, CZ, expressed his concern for the Moroccan people affected by the earthquake and hopes that these donations can provide much-needed support. He said, "For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need."

Also read: Morocco earthquake death toll rises to 2,800 as search for survivors continues

Binance Charity has established a public donation address where individuals can contribute. All donations received at this address will be used to support an authorized NGO (to be named later) in aiding those in need. Contributions to the Emergency Earthquake Appeal are accepted in BNB, BTC, ETH, USDC, USDT, or BUSD.

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Published: 12 Sep 2023, 10:00 AM IST
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