Crypto exchange Binance has launched a crypto card for Ukrainians who are forced to move to European countries due to the ongoing war with Russia. The card allows current and new Binance users from Ukraine to make or receive crypto payments and make purchases at retailers in the European Economic Area (EEA) who accept card payments. Binance has earlier donated $10 million (roughly Rs. 76.5 crore) to help the humanitarian crisis in the region. The contribution was split among numerous organisations, including UNICEF, the UN Refugee Agency, UNHCR, and more.
In a press release, Binance states that the Binance Refugee Crypto Card has been launched in partnership with Contis, a UK-based banking-as-a-service platform. Binance has offered an easy way for displaced Ukrainians to buy things using cryptocurrencies at crypto-friendly retailers. The card is available in both virtual and physical formats.
Moreover, Helen Hai, Head of Binance Charity, believes cryptocurrencies are useful in such difficult times as it is a fast, cheap, and secure mode of transferring funds and helping people with their urgent financial needs.
Kirill Khomyakov, General Manager of Binance in Ukraine, says the situation is critical in Ukraine as more than 4 million people have already left the country. Ukrainians who fled to Europe are facing financial difficulty. He said, "It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organisations, and, if necessary, receive cryptocurrency from any other wallets."
Furthermore, Binance Charity is collaborating with non-profit organizations such as Rotary and Palianytsia to offer crypto-based cash assistance through the Refugee Crypto Card. It allows relatives or acquaintances of displaced Ukrainians to send crypto to the card.
Refugees will receive 75 Binance USD (BUSD), worth nearly $75 (roughly Rs. 5,740), per month for three months. The BUSD cryptocurrency will automatically convert to local currency during the payment. The Binance Refugee Crypto Card is free but requires full KYC verification.
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