The charitable arm of cryptocurrency exchange Binance will donate up to $500,000 worth of BNB tokens to users in Libya for flood recovery.
Local residents will be identified using Proof-of-Address.
Binance clients who passed the verification procedure before September 11 will receive $100. Those who confirm their place of residence from September 12 to September 30 are provided with a payment of $25.
The platform offers $10 to active users from Libya who are not in the disaster zone.
Payments began on September 13. The exchange expects to help about 13,000 users.
“Cryptocurrency transfers are increasingly being used to provide financial assistance to victims of natural disasters by providing fast, low-cost, borderless and transparent transactions,” the press release said.
Binance Charity has also launched a public address for donations in Bitcoin, Ethereum and BNB, as well as stablecoins USDT, USDC and BUSD. All funds received will be sent to a public organization to help the victims.
Previously, the platform donated $3 million to users located in earthquake areas in Morocco.
Let us remind you that Binance and other cryptocurrency exchanges helped Turkey affected by the devastating earthquake. They were joined by Ethereum co-founder Vitalik Buterin.
Found an error in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!