Reports said that major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake.
It has been reported that while the crypto industry pledged support, the country’s financial authorities allowed the raising of relief funds through cryptocurrency donations for a charity organization.
However, the global crypto trading sector has quickly reacted to the news of the deadly earthquake that brought destruction to parts of Turkey and the region. Over the past few years, the country became a growing crypto market and digital asset exchanges are now offering to help Turkish traders, their families, and neighbors in need.
The report said that Binance, the world’s largest trading platform for cryptocurrencies, announced on Tuesday it will airdrop $100 of BNB tokens to all of its users living in the most affected areas. The company said it will identify the customers that qualify based on proof of address and disperse a total of around $5 million.
Binance stated:
“Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions.”
Likewise, Binance Charity is now accepting donations in several coins that will be converted to Turkish lira and sent to an NGO.
Changpeng Zhao (CZ), the founder and CEO of Binance, said:
“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.”
Competitors like Huobi, Okx, Bybit, and others have promised to support Turkey as well. Okx will provide 1 million Turkish lira (over $53,000) in financial assistance for the victims of the natural disaster, according to a statement by its Chief Marketing Officer Haider Rafique. Bitget is donating the same amount of money.
Justin Sun, the CEO of Huobi, unveiled the establishment of a 2 million lira relief fund by the Tron exchange and blockchain in memory of those who lost their lives in the powerful earthquake. The death toll from the 7.8 magnitude tremor, which struck Southeastern Turkey and Western Syria on Monday, continues to rise and is already exceeding 9,000.
Moreover, Coinex said in a Facebook post it’s ready to help people in both countries while Bitmex tweeted it will donate the proceeds of its trading competition this week to the Turkish Red Crescent. Bitfinex and Tether expressed their condolences and pledged 5 million lira towards immediate humanitarian aid and recovery efforts. They will also “seek ways to provide continued support towards helping Turkiye rebuild for the future.”
Singapore-based crypto exchange Bybit announced it will send $100,000 to Turkey’s Disaster and Management Authority (AFAD).
Thus, the country’s Financial Crimes Investigation Board (MASAK) approved an initiative by a charity called Ahbap to raise donations in cryptocurrency, according to its founder, Turkish singer Haluk Levent. The campaign will continue until February 13.
Source: Bitcoin.com