Binance to Donate $3 Million to Earthquake Victims in Venezuela

Key Insights

• Binance is donating $3 million to support earthquake victims in Venezuela with 20 USDT vouchers.
• The firm is also waiving all p2p fees for a brief time for all users in the country after an earthquake that has claimed nearly 1000 lives
• Only users who have completed KYC and proof of address can redeem the donation.

Binance will donate up to $3 million to support earthquake victims in Venezuela through direct crypto assistance. The exchange said eligible users in the hardest-hit regions will receive vouchers worth 20 Tether (USDT) each.

The initiative followed twin earthquakes measuring 7.2 and 7.5 in magnitude that struck Venezuela on June 25. More than 900 people have reportedly died, while over 3,300 others were injured as rescue teams continue searching for survivors. Authorities have warned that the death toll could continue rising.

KYC and Proof of Address Required for Users to Redeem Donation

Binance announced that eligible donation regions include La Guaira, Distrito Capital, Miranda, Aragua, Carabobo, Falcón, and Yaracuy.

Users in these countries will be able to redeem the voucher through the rewards page. In order to do that, they must have completed their Know Your Customer (KYC) and proof of address (POA).

However, Binance acknowledged that it has existing users in the country who may not have yet completed this process. Those users can redeem the voucher if they complete their KYC and POA process by July 20.

Interestingly, the exchange noted that those existing users will get the voucher within 30 days of completing their POA. However, this depends on whether they redeem within the donation allocation limits.

Meanwhile, the exchange said it will also waive all fees for P2P transactions and Binance Pay merchant transactions for seven days. The waiver will apply to all users in the country, with the P2P waiver covering all VES-denominated transactions.

Binance is not the only crypto donation effort towards helping victims of the earthquake in Venezuela. Other members of the crypto community are contributing to support response efforts.

Binance Intensifies Humanitarian Efforts

Meanwhile, the Venezuela earthquake donauo. It is only the latest in a series of humanitarian efforts by the world’s largest exchange. It noted this in the announcement, stating that Binance Charity has supported disaster-affected communities in countries such as Argentina, Brazil, Mexico, Ukraine, Turkey, Italy, and others.

Earlier this month, the exchange committed $250,000 towards supporting the Ebola response in Uganda and the Democratic Republic of Congo. It stated that the fund will be shared between the Uganda Red Cross Society and Doctors Without Borders.

Binance has framed these efforts as part of its commitment to users and a way to leverage blockchain technology to deliver aid to communities. With over 322 billion users globally, the exchange has near-global reach.

However, it is set to see a decline in its user base in the coming days as it plans to pause its services in the European Union (EU). The exchange has been unsuccessful in securing a license under the Market in Crypto Assets (MiCA) regulations.

This means it must stop offering its services in EU countries after June 30. Despite this, the exchange has said it remains committed to Europe and plans to secure a MiCA license in the coming months.

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