Binance has demonstrated its commitment to humanitarian efforts by allocating up to $3 million worth of BNB tokens for earthquake relief in Morocco.

The devastating earthquake, which struck on 8 September, wreaked havoc in Marrakech, the country's 4th-largest city, resulting in a tragic loss of over 2,000 lives.

In an official announcement on 11 September, Binance unveiled its plan to distribute these funds through airdrops to users residing in the affected regions.

This earthquake, registered at magnitude seven on the Richter scale, is classified as "major" and has left a profound impact on the Moroccan people.

Changpeng Zhao (CZ), Binance's founder and CEO, expressed his heartfelt condolences for the nation's plight and extended his sympathy to the affected communities.

Furthermore, he called upon Binance users who remain unscathed by the disaster to actively participate in the distribution of these relief funds to ensure they reach those most in need:

"For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need."

Binance has outlined a systematic approach to identify and assist users within the affected region, employing a proof-of-address (POA) protocol completed before the catastrophic event.

In the most heavily impacted Marrakech-Safi province, eligible users will receive a direct allocation of $100 worth of BNB tokens, credited to their Binance accounts.

For Moroccan users residing outside of the Marrakech-Safi area, Binance has devised a plan to airdrop $10 in BNB tokens to each individual.

This initiative is expected to extend its support to nearly 70,000 Binance users residing in Morocco.

In a further display of solidarity, Binance has established a public wallet address to facilitate additional contributions for relief efforts.

This charitable gesture is open to donations in various cryptocurrencies, including BNB, Bitcoin, Ether, USD Coin, Tether, and Binance USDC.

Furthermore, Binance has unveiled another significant relief effort, encompassing an airdrop of its tokens valued at up to $500,000, aimed at providing vital support to those impacted by the flood in Libya.

Specifically, every Binance user in Libya who has satisfactorily completed the POA process will receive a BNB equivalent of $100 USD.

The selection of beneficiaries will be rooted in the POA submissions made prior to 11 September.

Those who fulfilled the POA requirements before this date will witness the promised $100 in BNB tokens promptly deposited into their Binance accounts.

Moreover, users who successfully complete the POA procedure between 11 to 30 September will qualify for a generous $25 BNB contribution.

In addition, Binance has extended its support by allocating an additional $10 in BNB tokens to all active transacting users in Libya.

The disbursement of these funds is set to commence without delay.

Although Binance acknowledges the inherent limitations of the POA approach, it remains steadfast in its commitment to directly assist approximately 13,000 users through this initiative.

Crypto Is Emerging As A Better Choice For Aid Relief In Contrast To Conventional Banking

In the wake of natural disasters, the unfortunate reality often entails victims losing access to conventional banking services precisely when they require financial assistance the most.

Cryptocurrencies have increasingly emerged as a conduit for rendering aid accessible to disaster-stricken individuals and as a potent tool for charitable endeavors.

The rapid, cost-effective, and transparent nature of cryptocurrency transfers has positioned them as a viable and agile solution for delivering aid during such challenging circumstances.

A case in point is the aftermath of the Turkish-Syrian earthquake, where prominent stakeholders within the Web3 community rallied to employ cryptocurrencies as a means of swiftly disbursing crucial aid to affected communities.

As the world confronts the increasing frequency of natural disasters, the utilisation of cryptocurrencies for philanthropic endeavours assumes a pivotal role in facilitating rapid aid deployment and relief efforts.