The Binance Refugee Crypto Card was issued to about 70,000 people between April 26 and June 10, according to the crypto news outlet Forklog, the largest currency exchange with trading volume.
The card allows Binance users deported from Ukraine to send and receive crypto transactions and payments to businesses in European Economic Area countries. It also allows refugees to receive financial assistance from Binance partners. There are 4,000 Ukrainians living abroad whose applications have been approved, with more than 1,700 already receiving payments.
Binance has also been involved in efforts to assist internally displaced persons (IDPs) as part of a joint project with Palianytsia and the Rotary Club Kyiv International for charitable foundations. Large families, with small children, the disabled, and the elderly will be selected.
According to this article, the poorest people will receive monthly support of 75 BUSD ($ 75) for a period of three months. With a budget of $ 1.2 million, the project will start funding 5,000 IDPs.
Binance representatives detailed the following:
“Initially, we planned to assist people who had been pushed into the EU, had been awarded refugee status, and were in desperate need of assistance. However, we also decided to start a pilot operation to assist those who remained in Ukraine.”
Binance also announced that he is working closely with the Ukrainian Ministry of Digital Development to organize an online specialist course for Ukrainian people who have lost their jobs as a result of the war, which could happen soon this month. The exchange also said it would continue to comply with Russian sanctions laws and ensure its implementation in its territory.
Read more: Binance introduces visa crypto card for Ukrainian refugees
