Binance, the world’s largest cryptocurrency exchange, has announced an initiative to provide financial assistance to users in Libya impacted by recent devastating floods.
The cryptocurrency exchange will airdrop $500,000 worth of its native BNB tokens to approximately 13,000 users in Libya. This airdrop aims to support those affected by massive floods that have ravaged Libya’s coastal city of Derna.
The coastal city of Derna in eastern Libya has been devastated by massive floods caused by an unusually strong Mediterranean storm. The floodwaters from overflowing dams and wadis crashed through buildings and washed people out to sea. According to the Libyan Red Crescent, the death toll has climbed to over 11,300 people as rescue and recovery efforts continue.
However, local officials estimate the real number could be even higher, with thousands still missing and many buried under debris. Overall, the raging flash floods have impacted a large population across communities in eastern Libya, leaving extensive damage and loss of life in their wake. It is one of the deadliest natural disasters to strike the country in recent times.
Proof of Address Verification Determines Eligibility
To qualify for the airdrop, users must have completed Binance’s Proof of Address (POA) verification for their accounts before September 11, 2023. The airdrop applies to all Binance users across Libya who meet this criterion.
Users who finished POA verification prior to the September 11 cutoff will receive the maximum amount of $100 in BNB tokens. Those who complete POA between September 11 and September 30, 2023 will get $25 in BNB. Additionally, all active transacting users in Libya will be airdropped $10 in BNB. Distribution of these funds commenced on September 13.
Speed and Efficiency Make Crypto Ideal for Disaster Relief
Binance has highlighted that cryptocurrency transfers allow for quick and efficient distribution of aid during natural disasters. Features like instant settlements, minimal fees, cross-border reach, and transaction transparency are uniquely suited to providing timely assistance.
To supplement its direct user assistance, Binance has also opened a public donation address for receiving contributions towards Libya flood relief efforts. The exchange has pledged to donate all proceeds from this address in full to an authorized NGO operating locally in the affected region.
Previous Support Efforts in Disaster-Stricken Regions
Binance has a consistent track record of using cryptocurrency to provide aid to users impacted by natural disasters and geopolitical conflicts. Recent examples include assistance programs for Binance users in Ukraine, Turkey, and Morocco following calamities in those countries. Binance’s disaster relief efforts highlight the unique benefits of cryptocurrency for humanitarian aid.
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