Binance Donates $10 Million in Crypto Towards Humanitarian Efforts in Ukraine Following Russian Invasion

Ukraine Emergency Fund, begun by Binance, has raised over $6 million (roughly Rs. 45 crore) in donations already.

By Shomik Sen Bhattacharjee | Updated: 28 February 2022 10:45 IST

Binance Donates $10 Million in Crypto Towards Humanitarian Efforts in Ukraine Following Russian Invasion

Photo Credit: Twitter/ Changpeng Zhao

Binance has also launched a crypto-first crowdfunding site, named Ukraine Emergency Relief Fund

Highlights

The funds will be directed to intergovernmental organisations, NGOs
Bitcoin donations to Ukrainian have hit more than $27 million
Donations to the war-hit country have risen since February 8

Binance, one of the world's largest cryptocurrency exchanges by trading volume, has announced that it will donate $10 million (roughly Rs. 75.5 crore) to Ukraine claiming that the donations are intended to help the ongoing humanitarian crisis in the country. Binance has also launched a fund by the name of — Ukraine Emergency Relief Fund to provide emergency relief through crypto crowdfunding with an official website that people can head to and find out how to donate to the cause.

According to Binance, $10 million (roughly Rs. 75.5 crore) in donations will be given to major intergovernmental organisations and local NGOs. "The donation will be split between major intergovernmental organisations and nonprofit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need, to help support displaced children and families in Ukraine and its neighbouring countries," the exchange said in a press release.

#Binance is donating $10M to help the humanitarian crisis in Ukraine & @BinanceBCF launched the crypto-first crowdfunding Ukraine Emergency Relief Fund. ????????

Our focus is providing on-the-ground support. We just care about the people.

➡️ https://t.co/2vLFFbf5ac pic.twitter.com/vNSo9F3x7i
— CZ ???? Binance (@cz_binance) February 27, 2022

Changpeng Zhao, Founder and CEO of Binance, said: "Watching this conflict escalate over the past four days has shocked our community to its core. We are proud to have been able to quickly rally our network to provide relief and support on the ground to those in need."

"This includes helping provide food, fuel, supplies, and shelter for Ukrainians, which include countless Binance community members. We are using every resource and governmental channel we have to call on world leaders to end this conflict immediately," said Zhao.

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Meanwhile, Ukraine continues to record a significant inflow of crypto donations with the value approaching $30 million (roughly Rs. 225 crore) with current standing at $27.2 million (roughly Rs. 205 crore) as more well-wishers express their support amid the ongoing Russian invasion. Data provided by blockchain analytics firm Elliptic reveals that the Ukrainian government and NGOs have raised $17.2 million in crypto donations with Binance adding another $10 million (roughly Rs. 75.5 crore) in crypto to take the tally to $27.2 million (roughly Rs. 205 crore).

Bitcoin donations into Ukraine began piling up when Russia was threatening to proceed with the invasion on February 8. The donations were mainly led by Ukrainian volunteers and hacking groups who have been at the forefront of condemning Russia's belligerent activity.

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