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Binance Donates $2.5M in Crypto in Support of Children in Ukraine

UTC by Oluwapelumi Adejumo · 3 min read
Binance Donates $2.5M in Crypto in Support of Children in Ukraine
Photo: Unsplash

UNICEF, in its official statement, expressed gratitude to the leading crypto exchange for the support and revealed that the aid was coming in at the right time.

Binance Charity has joined efforts with UNICEF and other crypto players to support children in war-torn Ukraine. The exchange, through its charity arm, donated $2.5 million in crypto. 

Binance Helps Ukraine

This donation is intended to help UNICEF aid Ukraine-based families affected by the Russo-Ukrainian war.

With the conflict escalating, the lives and well-being of 7.5 million of Ukraine’s children population are in constant threat. This makes for an ever-present need for humanitarian support as it is believed that many of them could be physically and psychologically affected by the violence around them. 

According to Binance Founder and CEO Chanpeng Zhao (CZ), the escalating conflict is indeed shocking. Many families are moving in pursuit of refuge, while others are separated from their friends and family. 

UNICEF is working with the Ukrainian government at the regional level to support community programs. One such endeavor is the commissioning of mobile teams to provide child protection services.   

CZ has publicized his commitment to helping provide financial support to charitable projects in collaboration with UNICEF.

In his words, “We’re grateful for our ongoing collaboration with UNICEF, which with the support of the Binance community, provides emergency relief to help ease some of the sufferings these children and their families are facing.”

UNICEF, in its official statement, expressed gratitude to the leading crypto exchange for the support and revealed that the aid was coming in at the right time. According to the body, it relies on the generosity of the global business community to help the children in Ukraine who are “terrified, in shock and desperate for safety.”

Available information shows that Russia’s invasion has destroyed multiple infrastructures and livelihoods, especially in Northern Ukraine. The government on both sides has enforced different regimes of cash flow restrictions, an action that has further soiled the situation for residents. 

Crypto Is Helping Ukraine Finance Its Defense

The Ukrainian government has depended on the benevolence of the crypto community and the world generally in its defense against the Russian invasion. 

Per reports, the government has raised around $70 million worth of crypto funds, and it has already spent $15 million on military gear.

While it was accepting leading digital assets like Bitcoin, Ethereum, and a few stablecoin, the crypto community has helped the country up the number of assets it accepts as donations have come in Dogecoin and Polkadot.

Russia, on the other hand, has faced several restrictions from the international community who have imposed sanctions on its economy. Recently, leading fintech service providers like PayPal, Visa and MasterCard suspended their operations in the country.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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