Crypto exchange Binance announced Friday the launch of a new philanthropic initiative in response to the damage and destruction caused by recent Typhoon Yagi in Northern Vietnam.
Typhoon Yagi, the most devastating to hit Asia this year, landed on Vietnam’s northeastern coast on September 7, collapsing the Phong Chau bridge two days later. The disastrous storm had claimed the lives of 226 people, with over 100 reported missing as of September 12.
Binance’s Response to Typhoon Yagi
According to a statement on September 13, Binance Charity will airdrop up to $1 million in BNB to registered Binance users identified as residents in the area impacted by the typhoon. These users will be identified based on their POA (proof-of-address) information indicating they live in one of the 25 cities that suffered the most significant impact, including the capital, Hanoi.
Users who completed their POA before September 10 will receive $50 in BNB directly to their Binance accounts, while those who had a registered account before this date will receive $20 worth of the token if they fill in their POA by September 30.
Binance CEO Richard Teng sent condolences to those impacted by Typhoon Yagi in Vietnam and reiterated the exchange’s support to help the community recover from the disaster.
“We’d like to send our sincere condolences to those who are impacted by the devastating typhoon Yagi in Vietnam. We hope that our efforts can bring some relief to those affected. We stand in solidarity with the community members and hope the community can recover from this disaster soon,” Teng stated. Per the statement, beneficiaries of the philanthropic airdrop campaign will start receiving donations in their accounts on September 16.
Final Thoughts
Binance’s philanthropic response to Typhoon Yagi demonstrates the platform’s commitment to using cryptocurrency for humanitarian aid. By offering up to $1 million in BNB tokens to impacted users in Northern Vietnam, Binance Charity aims to provide immediate financial relief to those affected by the devastating storm. This initiative leverages blockchain technology to deliver aid quickly and directly to individuals, showcasing the potential of crypto in disaster response scenarios.
However, while Binance’s effort is commendable, it also raises questions about the broader role of crypto exchanges in crises. The airdrop’s reliance on proof-of-address (POA) and registered Binance accounts may limit its reach, as many in the hardest-hit areas might lack access to such platforms or the necessary documentation. While Binance’s initiative is a step in the right direction, the challenge of ensuring equitable and widespread distribution of aid remains an issue that needs further attention.
Article Source: Daily Coin
