The devastating earthquake that hit Turkey on Feb 6 has left a trail of destruction in its wake, affecting numerous communities and individuals.
In response to the tragedy, cryptocurrency exchange Binance has announced that it will airdrop $100 USD worth of BNB tokens to all Binance users residing in regions hardest hit by the earthquake. The process of identifying eligible users will involve checking Proof of Address (POA) submissions made before February 6th in ten cities affected by the earthquake, including Adana, Adıyaman, Diyarbakır, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Şanlıurfa, and Osmaniye.
Although the POA method may not be 100% accurate, Binance said it considers it to be the best option available to locate users affected by the earthquake. The estimated total value of the donations is around $5 million USD (94,000,000 TRY). Binance Charity has also set up a public donation address, encouraging individuals to donate to the Emergency Earthquake Appeal using various cryptocurrencies, including BTC, ETH, BNB, BUSD, and XRP.
Following natural disasters, individuals frequently encounter challenges accessing traditional banking services especially when they need it the most for essential needs such as medical supplies and food. To combat this problem, the use of cryptocurrency transfers has become increasingly popular for delivering financial aid to disaster victims, since transfers are speedy, cost-effective, transparent, and unrestricted, making them well-suited for providing aid in emergency circumstances.
Cryptocurrency has increasingly become a solution for delivering aid in the aftermath of disasters. For example, in relation to the war in Ukraine, cryptocurrency has been used to provide aid to those affected by the war. Aid organizations have utilized crypto to deliver financial assistance and supplies to those who are unable to access traditional banking services due to the conflict.
In the aftermath of Turkey’s earthquake, organizations within the crypto ecosystem are stepping up to support the unfortunate victims. On Feb 6, cryptocurrency exchange Bitget announced that it had committed 1 million Turkish Lira to aid relief efforts to help people affected by the earthquake.
What do you think about Binance supporting users affected by the recent earthquake in Turkey through its $100 BNB token airdrop initiative? Drop your comments by sharing this article on social media.