Binance Donates IDR 46 Billion to Moroccan Earthquake Victims

Binance contributed crypto to the victims of the Moroccan earthquake. (Photo; Doc. Totalkrypto)

JAKARTA – The world's leading crypto exchange giant, Binance, has donated 3 million US dollars (IDR 46 billion) in the form of Binance Coin (BNB) to victims of the Moroccan earthquake. The donation made through Binance Charity actually sparked a debate about crypto in humanitarian aid.

As reported by the Financial Times, some critics called it a mere PR stunt, arguing that in a disaster situation like this, victims need urgent necessities like food and water, not cryptocurrency.

Even so, CZ Binance, CEO of Binance, defended Binance Charity's efforts. He explained that they recognized the urgent needs of victims and tried to provide assistance in the form of essential goods, while crypto demonstrated speed in response to disasters.

Binance Charity not only donates crypto to disaster victims, but also  provides direct aid in the form of essential goods and access to funds through crypto-based donations. While there has been criticism regarding the exclusivity of these donations, by focusing on existing Binance users, CZ argues that this is a way to empower individuals who already understand the use of crypto.

The benefits of crypto-based donations include speed, transparency, and accessibility. BNB Chain transactions can occur almost instantly, providing clarity that traditional financial transactions struggle to achieve. Additionally, crypto can be converted to most local currencies, allowing for a more versatile crisis response.

After the earthquake in Morocco, Binance Charity decided to distribute BNB worth 3 million US dollars (IDR 46 billion) directly to victims and Binance users in Morocco. They also promised to collaborate with local organizations and distribute funds collected from the public to local charities in Morocco.

Despite criticism, Binance Charity is committed to continuing to improve its approach based on data and input from experts. They see great potential in blockchain technology to empower individuals and communities in sustainable development.

Head of Binance Charity, Helen Hai, has stated that 100% of funds are distributed to recipients, a high figure compared to many other charitable organizations. Nonetheless, Binance Charity will continue to strive to be more effective in helping those who need help.