Binance has launched a crypto card for Ukrainians forced to flee across borders to other European countries due to the ongoing war with Russia.
The Binance Refugee Crypto Card allows current and new Binance customers from Ukraine to send or receive crypto payments and make purchases at retailers in the European Economic Area (EEA) who accept card transactions.
Binance has already donated US$10 million to aid the humanitarian crisis in the region. The contribution was split among organisations including UNICEF, the UN Refugee Agency, UNHCR and more.
The Binance refugee card has been launched in partnership with Contis, a UK-based banking platform, and is available in both virtual and physical formats.
More Than 4 Million Potential Beneficiaries
According to Kirill Khomyakov, general manager of Binance in Ukraine, more than 4 million people have already fled the country:
It is our responsibility to help those who were forced to leave their homes because of the war.
Kirill Khomyakov, general manager of Binance, Ukraine
Khomyakov added that Binance Charity was collaborating with non-profit organisations such as Rotary and Palianytsia to offer crypto-based cash assistance through the Binance refugee card.
Refugees will each receive 75 Binance USD (BUSD), worth around $US75, per month for up to three months. BUSD crypto will automatically convert to local currency according to which country refugees find themselves in, and relatives or acquaintances of displaced Ukrainians are also able to send crypto to the refugee crypto card.
The card itself is free but requires full KYC (know your customer) verification.
Limits Placed on Capital Outflows
Though Ukrainian President Volodymyr Zelenskyy signed a crypto bill into law last month, this week Ukrainian citizens were banned from buying more than US$3,400 worth of crypto in a 30-day period. The country’s national bank said the measures had put in place under martial law to prevent “unproductive capital outflows” from Ukraine.
The National Bank of Ukraine said the measures were “temporary” and that it planned to allow citizens fleeing the country to make cross-border peer-to-peer (P2P) transfers within the above limit from accounts in its national currency.
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