Binance to donate up to $500,000 in BNB to Libyan flood victims

The charitable arm of cryptocurrency exchange Binance передаст tokens BNB worth up to $500,000 to Libyan users for flood recovery.

Residents will be identified using Proof-of-Address.

Clients who completed verification by September 11 will receive $100. Those confirming their residence between September 12 and 30 will receive $25.

Active Libyan users not in the disaster zone will receive $10.

Payouts began on September 13. The exchange aims to assist about 13,000 users.

“Cryptocurrency transfers are increasingly used to provide financial assistance to disaster victims, as they offer fast, inexpensive, borderless and transparent transactions,” the press release says.

Binance Charity has also launched a public donation address in Bitcoin, Ethereum and BNB, as well as in stablecoins USDT, USDC and BUSD. All funds will be directed to a public charity to aid those affected.

Earlier the platform donated $3 million to users in the earthquake-affected regions of Morocco.

Binance and other crypto exchanges helped those affected by the devastating Turkey earthquake. joined Ethereum co-founder Vitalik Buterin.