In the wake of the destructive floods that have ravaged Libya, Binance has announced its commitment to provide aid through a unique approach. The leading cryptocurrency exchange will airdrop BNB tokens worth up to $500,000 to users in Libya to support their recovery efforts.
With a focus on facilitating fast, low-cost, and transparent transactions, Binance aims to leverage the power of cryptocurrencies to provide critical financial assistance to those affected by the floods.
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Binance has devised a strategy to identify and support users in Libya by utilizing Proof of Address (POA) verification. All Binance users who have completed POA in Libya before September 11, 2023, will receive an airdrop of $100 worth of BNB tokens directly into their Binance accounts.
Even existing users who complete POA after the specified date but before September 30, 2023, will be eligible for a $25 donation in BNB. Additionally, active transacting users across Libya will receive $10 in BNB.
Commencing on September 13, 2023, Binance will initiate the distribution of funds to the identified users, aiming to directly support approximately 13,000 individuals with these efforts.
In the aftermath of natural disasters, traditional banking systems often encounter challenges, leaving affected individuals without access to essential financial services precisely when additional funds are most needed for necessities like medical supplies and food. Recognizing the benefits of cryptocurrencies, Binance has turned to crypto transfers as an efficient and effective method to deliver financial aid to disaster victims.
Crypto transactions offer fast, low-cost, borderless, and transparent transfers, eliminating barriers and enabling aid to flow swiftly to those in need. By utilizing blockchain technology, Binance intends to make a substantial impact in supporting the recovery of individuals affected by the natural disaster in Libya.
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In addition to the airdrop initiative, Binance Charity has launched a public donation address, encouraging individuals to contribute to the relief efforts. Contributions received at this address will be donated in their entirety to an authorized non-governmental organization (NGO) specifically selected to aid those in need in Libya. Donations are accepted in various cryptocurrencies, including BNB, BTC, ETH, USDC, USDT, and BUSD.
During these challenging times, Binance remains dedicated to supporting its users and communities worldwide. The recent initiatives in Ukraine, Turkey, Morocco, and now Libya demonstrate the exchange’s ongoing commitment to providing assistance and relief in times of crisis. Binance will continue to explore additional avenues to help the community in Libya and stand firmly beside its users during these difficult times.
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