Binance commits $10 million to Ukraine, total crypto donations approach $20 million


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Cryptocurrencies have emerged as a preferred method of fundraising, as they offer a number of advantages over banks and traditional methods of transferring funds that are slow, high fees, and often tied up in the hands of regulators.

The Ukrainian government called on the cryptocurrency community to pledge support in a series of social media appeals over the weekend.

Deputy Prime Minister and Minister of Digital Transformation Mikhailo Fedorov published three addresses of crypto donations last Saturday.

The same minister also appealed to cryptocurrency exchanges to ban Russian users, stating:

I ask all major cryptocurrency exchanges to block Russian users’ addresses.

It is necessary to freeze not only addresses associated with Russian and Belarusian politicians, but also ordinary users.

Which is what we separated about in a news published this morning on Arab Bitcoin:

Ukrainian Deputy Prime Minister Asks Crypto Exchanges To Stop Serving Russian Users

Crypto community response:

The crypto community has responded to the fundraising call with nearly $19 million in cryptocurrency given out since the Russian invasion began last week.

Reuters reported a total of $8 million on February 27, however, blockchain analysis firm Elliptic has also updated its numbers as of February 27.

The total amount received by the Ukrainian government is currently $18.9 million, most of which came over the past two days, following Mr Fedorov’s request.

Binance donates $10 million:

Binance, the world’s largest cryptocurrency trading platform, has joined the fundraiser, with a donation of $10 million.

Binance announced the donation yesterday, February 27:

The donation will be split between major intergovernmental organizations and non-profit organizations already in place, including UNICEF, UNHCR, the United Nations Refugee Agency, iSans and People in Need, to help support children and families displaced from Ukraine towards neighboring countries. .

Binance has created an online crypto donation portal called Ukraine Emergency Relief Fund.

At the time of writing this article, Binance Fund has received 156 bitcoins worth about $5.8 million from 214 donors.

Binance reports that it has pledged just over 16,000 BNB to this issue.

Read also:

Japanese company “Rakuten” launches market for non-fungible tokens (NFT)

Ukrainian Deputy Prime Minister Asks Crypto Exchanges To Stop Serving Russian Users

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