Global cryptocurrency and Blockchain infrastructure provider, Binance, on Tuesday launched the Binance Refugee Crypto Card for all current and new Binance users from Ukraine who have been forced to move to the European Economic Area (EEA) countries as a result of the Russian invasion.
According to Binance, they have created this card in partnership with Contis, a back-end and front-end payments service across the UK and the EEA.
“It will allow displaced Ukrainians to make or receive crypto payments and complete purchases at retailers in the EEA who accept card payments,” Binance said in a blog post.
Helen Hai, Head of Binance Charity says: “At such a difficult time for Ukraine, it’s clear that cryptocurrencies are useful, as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs.”
The Binance Charity programme is working with various non-profit organisations, such as Rotary and Palianytsia, to provide crypto-based cash assistance through the Refugee Crypto Card that will allow relatives or acquaintances to transfer crypto to the new cards and Binance wallets to support their loved ones.
“To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organisations, and, if necessary, receive cryptocurrency from any other wallets,” says Kirill Khomyakov, general manager of Binance in Ukraine.
According to the Binance blog, refugees who are verified by local non-profit organisations and have applied for the Binance Refugee Crypto Cards will receive 75 BUSD (equivalent to $75) per month for three months in line with recommended donation levels announced by UNHCR.
“The BUSD cryptocurrency will be converted to local currency automatically during the card payment. Getting and using a card is free. To obtain a Binance Refugee Crypto Card, refugees will need to use an existing account registered in Ukraine, or register a new Binance account using a Ukrainian home address, even if currently living in another EEA country. All users will be required to complete full KYC verification,” Binance said in the blog post.
Earlier, Binance had allocated $10 million through Binance Charity to support displaced children and families in Ukraine, and its neighbouring countries. This included providing shelter, food, safe drinking water, medical supplies, cash assistance, and psychological support to those who had been forced to take refuge as a result of the Russia-Ukraine War.