Binance Introduces Crypto Card For Ukrainian Refugees

Crypto exchange Binance announced on Tuesday that it has launched a crypto card for Ukrainian refugees who are forced to move to European countries due to the ongoing war with Russia.

The crypto card will allow both veterans and Binance newbies from Ukraine to make or receive crypto payments and make purchases at retailers in the European Economic Area (EEA) who accept card payments.

The Binance Refugee Crypto Card in partnership with a banking-as-a-Service platform, Contis, will offer an easy way for displaced Ukrainians to buy things using cryptocurrencies at crypto-friendly retailers and it is available in both virtual and physical formats.

General Manager of Binance in Ukraine, Kirill Khomyakov said that the situation is critical in Ukraine as more than 4 million people have already left the country, and Ukrainians who fled to Europe are facing financial difficulty.

“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.”

The Binance Charity is collaborating with non-profit organizations such as Rotary and Palianytsia to offer crypto-based cash assistance through the Refugee Crypto Card.

It allows relatives or acquaintances of displaced Ukrainians to send crypto to the card.

The Binance Refugee Crypto Card is free but requires full KYC verification and refugees will receive 75 BUSD, worth nearly US$75, per month for three months.

The BUSD cryptocurrency will automatically convert to local currency during the payment.

Binance has donated $10 million to support displaced children and families in Ukraine and neighboring countries through its Binance Charity and has already raised more than $1 million in crypto donations through its crowdfunding site “Emergency Assistance Fund for Ukraine.”