In the backdrop of a legal battle with the SEC, crypto giant Binance has announced relief efforts for the Moroccan earthquake victims. The exchange noted in a statement that Binance Charity will allocate crypto funds in BNB to aid its users.
The exchange noted,
“Binance Charity will airdrop up to $3 million in BNB to Binance users identified as living in the areas affected by the tragedy.”
Eligible Binance Users Will Get Crypto Aid
Binance has said that its charity will assist the Moroccan earthquake victims. The exchange will identify eligible users of the airdrop in Marrakesh-Safi Province through Proof of Address (POA).
The statement underlines that the identification will occur before September 9 and,
“Users who have completed POA before this date in the Marrakesh-Safi Province area will each receive $100 in BNB directly in your Binance account.”
Any existing user who completes their POA verification after September 9, 2023, but before September 30, 2023, will receive a donation of $25 in BNB directly into their Binance account. Binance founder and CEO Changpeng ‘CZ’ Zhao said:
“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.”
Additionally, for active users conducting transactions in Morocco but outside the affected areas, Binance states it will airdrop $10 in BNB to them:
“We expect our efforts will reach around 70,000 Binance users living in Morocco. Our funds will reach our users starting 12th September, 2023.”
Use of Crypto in Relief Efforts
The use of cryptocurrencies for disaster relief is gaining prominence due to its benefit of being fast and cost-effective. Binance Charity has also initiated a public donation address, open to contributions from anyone. Donations to the Emergency Earthquake Appeal are accepted in various cryptocurrencies, including BNB, BTC, ETH, USDC, USDT, or BUSD.
Notably, initiatives through digital asset exchanges raised over $12.5 million for devastating earthquakes in Turkey and Syria. Reports noted that contributors included Ethereum founder Vitalik Buterin Tron founder Justin Sun, among others.
The Giving Block also established an emergency response fund to aid charities for Maui wildfires. The initiative, which includes a $500,000 donation match offer, aims to streamline the donation process and provides donors with tax receipts.
While Binance actively engages in relief efforts, it also faces an ongoing battle with the US Securities and Exchange Commission (SEC). Earlier this year, the SEC filed a lawsuit against Binance Holdings, Binance.US (registered as BAM Trading), and its CEO, Changpeng Zhao, alleging deceptive practices.
Additionally, the SEC accused the exchange of operating as an unregistered broker-dealer and clearinghouse.
In response to the SEC’s legal action, Binance sought a protective order from the US District Court of Columbia last month. It said the SEC’s requests are “overbroad” and “unduly burdensome.”
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