Major cryptocurrency exchanges have offered to help the people of Turkey weather the aftermath of this week’s devastating earthquake. While the crypto industry promised support, the country’s financial authorities allowed the raising of relief funds through cryptocurrency donations for a charity.
Leading Exchanges Pledge to Support Turkey Earthquake Victims
The global cryptocurrency trading sector was quick to react to the news of the deadly earthquake that destroyed parts of Turkey and the region. In recent years, the country has become a growing crypto market and digital asset exchanges are now offering to help Turkish traders, their families and neighbors in need.
Binance, the world’s largest cryptocurrency trading platform, Announced Tuesday will airdrop $100 of bnb tokens to all its users who live in the most affected areas. The company said it will identify customers who qualify based on proof of address and distribute a total of about $5 million. He also emphasized:
Crypto transfers are now increasingly being used to provide financial aid to disaster victims, as they provide fast, low-cost, borderless, and transparent transactions.
Additionally, Binance Charity is now accepting donations in various currencies that will be converted to Turkish Lira and sent to an NGO. “We hope that our efforts 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,” said Binance founder and CEO Changpeng Zhao.
Competitors like Huobi, Okx, Bybit and others have also pledged to support Turkey. Okx will provide 1 million Turkish lira (more than $53,000) in financial assistance for victims of the natural disaster, according to a statement from its marketing director, Haider Rafique. Bitget is donating the same amount of money.
Huobi CEO Justin Sun revealed the establishment of a 2 million lira relief fund by 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 that struck southeastern Turkey and western Syria on Monday continues to rise, already exceeding 9,000.
Coinex said in a Facebook post that it is ready to help people in both countries, while Bitmex tweeted will donate the proceeds from his trading competition this week to the Turkish Red Crescent. Bitfinex and Tether expressed their condolences and pledged 5 million lira for immediate humanitarian aid and recovery efforts. They will also “look for ways to provide continued support to help Turkiye rebuild for the future.”
Our thoughts are with all the people who have been affected today by the tragic earthquake in Turkey and Syria.
BitMEX will donate the proceeds from this week’s trading competition to the @Red Crescentand we encourage those who can donate to do the same. #GeçmişOlsunTürkiye
—BitMEX (@BitMEX) February 6, 2023
Singapore-based crypto exchange Bybit announced that it will send $100,000 to the Turkish Disaster and Management Authority (AFAD). Meanwhile, the country’s Financial Crimes Investigation Board (MASAK) has approved an initiative by a charity called Ahbap to collect cryptocurrency donations, according to its founder, Turkish singer Haluk Levent. The campaign will continue until February 13.
Do you expect other companies in the crypto industry to join these exchanges to help Turkey cope with the disaster? Tell us in the comment section below.
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