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While Russia has agreed to hold peace talks with Ukraine that might signal a more positive resolution to the conflict, hundreds of thousands of Ukrainians have already been displaced by the invasion. Binance, the world’s largest crypto exchange, said that it will donate $10 million to non-governmental and intergovernmental organizations to help refugees and children.
In a blog post, Binance said that around 120,000 have fled their homes in the first 48 hours of Russia’s invasion of Ukraine. Poland expects to receive up to a million refugees while other neighboring countries expect the number to continue to soar as the conflict drags on.
“In response to this crisis, we are donating $10 million USD to major Intergovernmental Organizations and local NGOs on the ground to help provide emergency relief to refugees and children to support logistics on the ground such as food, fuel and supplies for refugees in countries bordering with Ukraine and more,” Binance said.
Binance will course its donation through organizations such as UNICEF, the UN Refugee Agency, iSans, People in Need, and UNHCR, according to Coindesk. The crypto exchange has an existing partnership with UNICEF.
Aside from its $10 million donation, Binance started a crypto crowd funding project called the “Humanity First – Ukraine Emergency Relief Fund.” The crypto exchange aims to raise up to $20 million in crypto donations through crowdfunding.
People can donate using Bitcoin (BTC), Ether (ETH), BNB, and BUSD. At the time of writing, the fund was already able to raise $5.97 million.
While Binance is willing to help those displaced by the conflict, the crypto exchange said that it will not “unilaterally” freeze the accounts of Russian users. “We are not going to unilaterally freeze millions of innocent users’ accounts,” a Binance spokesperson told CNBC.
“Crypto is meant to provide greater financial freedom for people across the globe,” the crypto exchange’s spokesperson explained. “To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”
Earlier, Ukraine’s vice prime minister Mykhailo Fedorov asked crypto exchanges to block addresses belonging to Russian users. “I'm asking all major crypto exchanges to block addresses of Russian users,” he tweeted on Sunday. “It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”
