Binance Charity, the philanthropic arm of the largest cryptocurrency exchange in the world, is airdropping up to $3 million worth of crypto to people affected by the earthquake in Morocco. A magnitude 6.8 earthquake hit the country last week, leaving several thousand people dead and impacting hundreds of thousands of residents.
Binance announced in a blog post that through Binance Charity, users in Marrakesh-Safi Province, the region most affected by the earthquake, who completed Proof of Address verification before Sept. 9 will receive $100 worth of the BNB token directly to their Binance accounts. Binance users in the area who complete Proof of Address verification between Sept. 6 and Sept. 30 will receive $25 in BNB. All other Binance users in Morocco who are not in the Marrakesh-Safi Province will receive $10 in BNB directly to their accounts. Binance said approximately 70,000 Moroccan Binance users would receive BNB beginning on Sept. 12.
“The impact of the earthquake on the Moroccan people is devastating," Binance CEO and founder CZ said in the blog post. "We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.”
The blog post said natural disasters can result in bank shutdowns, while people in the affected region need money for essentials like medical supplies and food.
"Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless and transparent transactions," the post said.
A recent report from Nasdaq found that charitable organizations are partnering with crypto companies to amplify their reach and increase the speed and traceability of donations. The report said that crypto's "revolutionary features," powered by blockchain technology, enable donors to trace their donations, increasing accountability and allowing "smoother operations" across different regions. Utilizing crypto also enables charities to cut banks out of the process, which is key for servicing under- or unbanked areas. Providing donations in crypto instead of cash also reduces taxes, hidden fees and the risk of theft, the Nasdaq report said.
"For philanthropic organizations, it is no longer a question of if they’ll start accepting crypto donations, but when," the report said.