Binance Donates $500,000 in BNB to Support Flood Victims in Libya Through Crypto Relief

Binance Donates $500,000 in BNB to Support Flood Victims in Libya Through Crypto Relief

Assistance for Flood Victims in Libya

After the devastating floods wreaked havoc in Libya, Binance has launched a unique initiative to provide aid.

The crypto exchange has committed to distributing Binance Coin (BNB) tokens worth up to $500,000 to users residing in Libya. This generous gesture is aimed at supporting the recovery efforts of the Libyan people as they strive to rebuild their lives in the aftermath of the catastrophic flooding.

BNB Rewards for Libyan Users

Libyan users who successfully completed the Proof of Address (POA) verification before September 11, 2023, will receive $100 in BNB directly into their Binance accounts.

For users who complete the POA process between September 11 and September 30, 2023, Binance will donate $25 in BNB to their accounts. Additionally, all active users conducting transactions within Libya will receive a $10 BNB reward.

Initiating Cash Transfers

Binance is set to begin transferring funds to its verified customers starting on September 13, 2023. This effort aims to provide direct support to approximately 13,000 individuals.

It’s estimated that around 10,000 people are missing in the aftermath of the severe floods in the country, according to an official from the International Federation of the Red Cross and Red Crescent Societies (IFRC).

The floods caused extensive damage, with approximately 25% of Derna, an eastern city in Libya, being devastated due to dam breaches during a storm. Tragically, over 1,000 bodies have already been recovered, as reported by a minister representing the eastern administration.

Crypto’s Speed and Efficiency

Following natural disasters, traditional banking institutions often face challenges, leading to a lack of access to essential financial services for affected individuals. This situation arises precisely when additional funds are most critically needed, especially for vital necessities such as medical supplies and food.

Binance has integrated cryptocurrency transfers as a practical and efficient means of providing financial support to disaster-affected people. This approach ensures swift and effective assistance to those in need, circumventing the limitations of traditional financial institutions during challenging times.

Current BNB Market Data

As of now, BNB is trading at $210.36, with a 0.7% increase in the last 24 hours but a 1.8% loss in value over the past seven days, according to data from the crypto market tracker Coingecko.

Supporting Relief Efforts

In addition to the airdrop program, Binance Charity has introduced a public donation address to encourage people to contribute to relief efforts. All donations made to this address will be directed in full to a qualified non-governmental organization chosen to assist those affected in Libya. Contributions can be made in various cryptocurrencies, including Bitcoin, Ether, USDT, BUSD, and USDC.