Global crypto exchange Binance has launched a crypto card that allows refugees from Ukraine to make crypto transactions and receive funds through the Binance Visa Card.
Binance announced that it’s working with several entities, including European banking-as-a-service platform Contis and nonprofit organizations Rotary and Palianytsia, to provide refugees affected by the Ukrainian conflict a way to send and receive funds and make purchases within the European Economic Area (EEA).
Apart from access to crypto transactions, recipients of the card who are verified by their local nonprofit organizations will receive financial support from Binance in the form of Binance USD (BUSD). These users will get 75 BUSD per month for three months, the donation amount recommended by the United Nations High Commissioner for Refugees (UNHCR).
Helen Hai, head of Binance Charity, told Cointelegraph that because the card is not a “commercial product.” Its main objective is to provide a functional payment instrument to receive and spend donations. Hai explained that this is an important way that the world can see how crypto can play a role in society.
“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine.”
Hai also noted that this is a good example of how crypto can be used not only as a means of transaction but also as a means of payment. Hai believes that crypto is a tool that has “no boundaries, restrictions, does not require documents and other complex and lengthy bureaucratic procedures, and is capable of producing results here and now.”
Related: Amid conflict, NFT projects already seek to rebuild Ukraine
Earlier in April, Vitalik Buterin donated $5 million in Ether (ETH) for Ukrainian aid. The Ethereum founder did not post any public announcements as he made the donations. However, it was detected two days later and received attention on social media.
After virtual currency is stolen, the victim can report it to the police. If the conditions for filing a case are met, the public security organs should also accept and file the case.
JinseFinanceRecently, a lawyer received a consultation regarding the purchase and sale of virtual currencies, involving the issue of recovering investment funds from a third party.
JinseFinanceIf you use virtual currency to pay wages to domestic employees, will there be any legal risks?
JinseFinanceJinseFinanceSince 2017, Binance has been striving to obtain a phased 'partially legal' status in certain global regions through diplomacy, acquisitions, joint investments, philanthropic funding, and other means.
CaptainXBinance and CEO Zhao Changpeng admit intentional violations, facilitating billions in unregulated crypto transactions. Zhao resigns as CEO, faces potential 18-month sentence. Legal battles continue over sentencing and extradition. Binance.US claims independence from Zhao's governance.
CaptainXBinance faces $34 billion in fines from FinCEN and $9.68 billion from OFAC for not reporting over 100,000 suspicious transactions involving terrorism, ransomware, child exploitation, and other illegal activities. Future penalties and strict regulations may impact Binance for the next five years.
CaptainXJinseFinanceJinseFinanceDespite Ukraine’s progress on crypto regulation, locals are reportedly unable to buy bitcoin using their bank accounts with PrivatBank.
Cointelegraph
