Binance aids Libya flood victims with $500,000 BNB token airdrop
What's the story
In response to the devastating floods in Libya, cryptocurrency exchange Binance has announced a $500,000 (around Rs. 4.15 crore) BNB token airdrop.
This will assist approximately 13,000 Binance users who have finished their Proof of Address (POA) verification in the country.
Cryptocurrency transfers have become a popular method for providing financial aid to disaster victims because of their speed, low costs, borderless nature, and transparent transactions.
Details
Eligibility and distribution details for BNB tokens
Binance will identify eligible users on the basis of their completion of POA before September 11, across Libya.
Users who finished POA before this date will receive $100 (roughly Rs. 8,300) in BNB tokens directly into their Binance accounts.
Those who complete the POA between September 11-30, will receive $25 (around Rs. 2,070) in BNB tokens.
To note, all active transacting users in Libya will receive $10 (approximately Rs. 830) in BNB tokens. Distribution began on September 13.
What Next?
Public donation address for Libya relief efforts
Binance Charity has launched a public donation address to receive contributions for the Libya flood relief efforts.
All donations received at this address will be given in full to an authorized NGO to aid the people in need.
Donations can be made in various cryptocurrencies. They include BNB, USDC, USDT, BTC, ETH, and BUSD.
Insights
Binance's history of support in natural disasters
This initiative is not the first time Binance has given support to users in regions affected by natural calamities.
The cryptocurrency exchange has previously provided aid to people in Ukraine, Turkey, and Morocco following natural disasters.
By leveraging the advantages of cryptocurrency transfers, Binance continues to demonstrate its commitment to helping those in need during times of crisis.