Binance announced crypto cards for Ukrainian refugees which will allow them to send and receive crypto payments and make transactions in the European Economic Area so let’s read more today in our latest Binance news.
The Global crypto exchange Binance announced crypto cards for Ukrainian refugees and worked with several entities including the EU Banking as a service platform Contis and nonprofit organizations Palianytsia and Rotary that provided refugees affected by the conflict in Ukraine was a way to send and receive funds and make purchases within the EU Economic Area.
Apart from access to crypto transactions, the recipients of the card that are verified by the non-profit organizations will receive financial support from Binance in the form of Binance USD and the users will get 75 BUSD per month for three months as the donation amount recommended by the United Nations High Commissioner for Refugees. The Head of Finance Helen Hai said that because the card is not a commercial product, the main objective is to provide a functional payment instrument and receive donations. Hai explained that this is an important way that the world can see how crypto can play a role in the society:
“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is a cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”
Hai noted that this is a prime example of how crypto can be used as a means of transaction but also as a payment method. Hai also believes that crypto is a tool that has no boundaries and doesn’t require documents and other complex bureaucratic procedures while also being capable of producing results.
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Earlier this year, Vitalik Buterin donated $5 million in ETH for Ukraine aid and the ETH founder didn’t make any public announcement as he made the donation but it was detected two days later and got attention on social media.
The world-leading exchange Binance welcomes ex-FINRA offices at the two major regulatory companies to grow the digital asset ecosystem and announced that also they will hire former Financial Conduct Authority officials with the two intended to help the exchange and enhance the regulatory compliance with the jurisdictions worldwide. According to a press release, Steven McWhirter from the FCA will be joining the company as the Director of Regulatory Policy and will ensure that Binance meets the regulatory obligations to the best degree possible.
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