Binance to Donate $10M in Relief Fund to Support Ukraine

Binance, the world’s largest cryptocurrency trading platform, has announced the launch of a $10 million humanitarian relief fund to support Ukrainian children and families in the wake of the ongoing crisis with Russia. As announced by the company, the fund will be split amongst the frontline non-profit organizations with targeted operations in Ukraine including UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need.

Last week, Russian President Vladimir Putin ordered a full-blown attack on Ukraine, killing all forms of diplomatic friendliness between both countries. Since the attacks on key Ukrainian cities, the region has been plunged into a war-like state that has pushed a lot of citizens to shift their base in search of safety. 

This group of people needs support, and a number of donations from well-meaning individuals and organizations around the world have continued to roll in. The Binance donation is additionally targeted at a number of local refugee groups who are actively working to expedite Ukrainians’ passage across the border into safety in two neighboring countries.

“Watching this conflict escalate over the past four days has shocked our community to its core. We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need,” Changpeng Zhao, the Founder and Chief Executive Officer of Binance. “This includes helping provide food, fuel, supplies, and shelter for Ukrainians, which include countless Binance community members. We are using every resource and governmental channel we have to call on world leaders to end this conflict immediately.”

The latest funding from Binance Charity is also accompanied by the launch of a crypto-first crowdfunding program to support the efforts to provide relief to the Ukrainians. According to the announcement, Binance has made an initial donation of 16,042 BNB worth approximately $6 million to the fund. The exchange is appealing to well-meaning global citizens to donate their crypto in a bid to support a much-needed humanitarian effort.

Binance Relief Fund and the Love for Ukraine

Over the weekend, the official Twitter account of the Ukrainian government posted a Bitcoin (BTC) and Ethereum (ETH) address soliciting funds from the public. Cumulatively, these addresses have received more than $10 million from the public as more people continue to lend support to Ukraine’s efforts to defend its territory.

While the Binance Relief Fund is with trusted organizations with whom the exchange has prior related business dealings, the trading platform has notably set a pace for other mainstream organizations to follow.

Beyond donations for humanitarian efforts, the love for Ukraine is also being expressed by the move from top multinational organizations to sever all business ties they have with Russia. As reported earlier today by Coinspeaker, British Energy firm, BP Plc (NYSE: BP) has sold its shares in Rosneft, a state-owned Russian energy company with whom it has done business for about 30 years.