Binance Unveils Crypto Visa Debit Card For Displaced Ukrainians

  • Binance deployed fresh support for Ukrainian refugees
  • The latest package from the exchange giant comes as a crypto debit card
  • Contis, Visa, and NGOs are partners in the effort to aid displaced citizens
  • Users will receive the equivalent of $75 for three months after receiving their card
  • Also, the card is eligible for payments across the European Economic Area

The world’s leading digital assets exchange Binance launched a Refugee Crypto Card to allow displaced Ukrainian citizens to maintain access to financial resources and payment options.

According to the announcement blog post from the crypto behemoth, London-based banking-as-a-service provider Contis is a primary partner for the refugee card. Also, the initiative is backed by card issuer Visa, as well as several non-profit organizations like Rotary and Palianytsia to name a few.

A staggering amount of Ukrainians have been left displaced and without access to financial facilities as Russia’s “special military operation” continues, per reports. General Manager of Binance Ukraine, Kirill Khomyakov said the exchange plans to address this growing concern with its latest support package. Khomyakov explained:

To date, some four million people have already left Ukraine. It is our responsibility to help people who have suffered from the war and were forced to leave their homes. The Binance Refugee Card will allow Ukrainians to get help from Binance and other charitable organizations, and, if necessary, receive cryptocurrency from any other wallets.

Furthermore, the platform’s partnership with local NGOs will play a crucial role in handling refugee verification. Only Ukrainian refugees that have been verified by the local non-profit organizations will receive $75 in BUSD for three consecutive months. The crypto is automatically changed to local fiat currency at payment points across retailers in the European Economic Area.

Changpeng Zhao’s Binance Aiding Ukrainians During Turbulent Times

The crypto giant has launched a plethora of help initiatives since Russia launched military actions against the people of Ukraine. As of the time of writing this report, Binance has donated over $10 million to the country via entities like the UN Refugee Agency and UNICEF.