Binance is giving a helping hand to users affected by a major earthquake in Morocco.
In response to the devastating earthquake that struck Morocco on September 8th, Binance, the global cryptocurrency exchange, has pledged up to $3 million in its native Binance Coin (BNB) to assist the victims.
The earthquake, categorized as a "major" disaster with a magnitude of 7 on the Richter scale, resulted in over 2,000 fatalities in Marrakech.
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In a public announcement made on September 11th, Binance detailed its plans to distribute the pledged $3 million. The company stated that it would use a proof-of-address protocol to identify affected users, primarily focusing on the Marrakech-Safi region, the hardest-hit area.
Binance CEO Changpeng Zhao described the earthquake as "devastating" and expressed his heartfelt condolences to the Moroccan people.
Individuals verified to be residing in this region will receive $100 in BNB directly into their Binance accounts. However, in the announcement, Zhao stated:
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.
Binance also aims to offer $10 in BNB to Moroccan users outside the Marrakech-Safi area. The crypto exchange anticipates that close to 70,000 Binance users in Morocco will benefit from some form of aid.
In an effort to bolster the relief fund, Binance has created a public wallet address accepting donations. Contributions can be made in multiple cryptocurrencies, including BNB, Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Tether (USDT), and Binance USDC (BUSD).
This isn't the first time Binance has extended humanitarian aid in the form of cryptocurrency. Earlier this year, the crypto exchange provided $100 BNB airdrops to victims of the earthquake in the Turkey-Syria border region.
Binance's substantial pledge of $3 million in BNB for earthquake relief in Morocco highlights the growing role of cryptocurrency in humanitarian aid. As the crypto community continues to show its capacity for swift and efficient relief operations, this development further emphasizes the potential of digital assets to make a meaningful impact in times of crisis.
