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Major crypto exchanges have offered to help the people of Turkey overcome the consequences of this week’s devastating earthquake. While the crypto industry pledged support, the country’s financial authorities allowed the collection of relief funds through cryptocurrency donations to a charity.
The global crypto trading sector has reacted quickly to the news of the deadly earthquake that brought devastation to parts of Turkey and the region. Over the past few years, the country has become a growing crypto market, and digital asset exchanges are now offering to help Turkish traders, their families and neighbors in need.
Binance, the world’s largest cryptocurrency trading platform, announced on Tuesday that it will release $100 worth of BNB tokens to all users living in the most affected areas. The company said it will identify the customers who qualify based on proof of address and distribute a total of about $5 million. It also emphasized:
Crypto transfers are now increasingly used to deliver financial aid to disaster victims, as they provide fast, affordable, borderless and transparent transactions.
Furthermore, Binance Charity is now accepting multi-coin donations that will be converted into Turkish lira and sent to an NGO. “We hope that our efforts will bring some relief to those affected. We are also asking our industry peers to once again come together to offer support in these times of crisis,” said Binance Founder and CEO Changpeng Zhao.
Competitors such as Huobi, Okx, Bybit and others have pledged to support Turkey as well. Okx will provide 1 million Turkish lira (over $53,000) in financial assistance to the victims of the natural disaster, according to a statement from Chief Marketing Officer Haider Rafique. Bitget donates the same amount of money.
Huobi CEO Justin Sun unveiled the establishment of a 2 million lira relief fund by the Tron exchange and blockchain in memory of those who lost their lives in the powerful earthquake. The death toll from the 7.8 magnitude quake, which hit southeastern Turkey and western Syria on Monday, continues to rise and is already over 9,000.
Coinex said in a Facebook post that it is ready to help people in both countries while Bitmex tweeted it will donate the proceeds from the trade competition this week to the Turkish Red Crescent. Bitfinex and Tether expressed their condolences and pledged 5 million lira for immediate humanitarian aid and recovery efforts. They will also “seek ways to provide continued support to help Turkiye rebuild for the future.”
Our thoughts go out to all the people affected by the tragic Turkey-Syria earthquake today.
BitMEX will donate the proceeds from this week’s trading contest to @Red Crescentand we encourage those who can donate to do the same. #GeçmişOlsunTürkiye
— BitMEX (@BitMEX) 6 February 2023
Singapore-based crypto exchange Bybit announced that it will send $100,000 to Turkey’s Disaster and Management Authority (AFAD). Meanwhile, the country’s Financial Crimes Investigation Board (MASAK) approved an initiative by a charity called Ahbap to collect donations in cryptocurrency, according to its founder, Turkish singer Haluk Levent. The promotion will continue until February 13
Do you expect other companies from the crypto industry to join these exchanges to help Turkey deal with the disaster? Tell us in the comments section below.
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