Binance Donates IDR 36 Billion Of Crypto Money To UNICEF

Binance donates crypto to war-affected Ukrainian children. (photo: Kanchanara-Unsplash)

JAKARTA – The world's largest crypto exchange, Binance, was recently reported to be donating funds in crypto to UNICEF. The donation is intended to help Ukrainian children who are victims of war due to the Russian invasion of the country.

The donation was made through Binance's non-profit charity, Binance Charity. In addition to helping children, donations are also aimed at helping Ukrainian families affected by the war.

For this donation, UNICEF expressed its gratitude to Binance through its official statement. The agency under the auspices of the United Nations ensures that the money arrives at the right time.

Russia's military invasion of Ukraine has affected life there. A number of important infrastructure in Ukraine was also affected. Earlier, Ukrainian President Volodymir Zelensky had called on civilians to join the militias to defend the country.

Reporting from CryptoPotato, UNICEF's efforts are focused on providing water, education and protection for children; promote health and hygiene assistance to the community; working with local Ukrainian governments to support community assistance programs; and support mobile teams that provide child protection services.

“We are grateful for our continued collaboration with UNICEF, which, with the support of the Binance community, is providing emergency assistance to help alleviate some of the suffering these children and their families are facing,” said Binance CEO Changpeng Zhao.

The Ukrainian government itself is openly asking for crypto donations to the digital asset community in the world. This was conveyed directly by Deputy Prime Minister Mykhailo Fedorov through his Twitter account some time ago.

The Ukrainian government also displays crypto wallet addresses for those who wish to participate in donating to the government. Among the cryptocurrencies that can be used for donations are Bitcoin, Ethereum, USDT, Polkadot, Solana, and the last one is the crypto meme Dogecoin.

The donation is intended to help provide Ukrainian military and medical equipment. In addition, Russia has also received financial sanctions from various countries. Some speculate that Russia is using cryptocurrencies to evade sanctions.

This speculation was denied by Zhao. He assured that it would be nearly impossible for Russia to use cryptocurrencies effectively to keep its economy afloat.

“Actually, crypto is too small for Russia. If we look at crypto adoption today, there is probably around 3 percent of the global population with some kind of crypto exposure (i.e., owning multiple cryptos). Of these, most hold only a small percentage of their net worth in crypto. Less than 10 percent on average. So, there may be less than 0.3 percent of the global net worth in crypto today. This percentage is the same for Russia," Zhao said.