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Cryptocurrency exchanges offer support for earthquake-hit Turkey – Exchanges

Major crypto exchanges have offered to help the people of Turkey weather the effects of this week’s devastating earthquake. While the crypto industry pledged support, the country’s financial authorities allowed the fundraising through cryptocurrency donations to a charity.

Leading exchanges pledge to help earthquake victims in Turkey

The global crypto trading sector reacted quickly to news of the deadly earthquake that devastated parts of Turkey and the region. In recent years, the country has emerged as a growing crypto market, and digital asset exchanges are now offering to help Turkish traders, their families and needy neighbors.

Binance, the world’s largest trading platform for cryptocurrencies, announced on Tuesday that it will be airdropping $100 worth of BNB tokens to all of its users living in the hardest-hit areas. The company said it will identify those customers who qualify based on proof of address and distribute about $5 million in total. It also emphasized:

Crypto transfers are now increasingly being used to provide financial aid to disaster victims as they enable fast, low-cost, borderless and transparent transactions.

Additionally, Binance Charity is now accepting donations in multiple coins, which are converted into Turkish Lira and sent to an NGO. “We hope our efforts will bring some relief to those affected. We also call on our industry peers to come together again to offer support during these times of crisis,” Binance founder and CEO Changpeng Zhao was quoted as saying.

Competitors like Huobi, Okx, Bybit and others have promised to support Turkey as well. Okx will provide 1 million Turkish liras (over US$53,000) in financial assistance to victims of the natural disaster, according to a statement from its Chief Marketing Officer Haider Rafique. Bitget donates the same amount.

Justin Sun, CEO of Huobi, revealed the establishment of a 2 million lira relief fund by the Tron-stock market and Blockchain to commemorate those who lost their lives in the powerful earthquake. The death toll from the 7.8-magnitude quake that struck southeastern Turkey and western Syria on Monday continues to rise and has already exceeded 9,000.

Coinex said in a Facebook post it is ready to help people in both countries during Bitmex tweeted It will donate the proceeds of its trading competition to the Turkish Red Crescent this week. Bitfinex and tether expressed their condolences and pledged 5 million lira for immediate humanitarian assistance and reconstruction efforts. They will also “look for ways to further support Turkiye in rebuilding for the future.”

Singapore-based crypto exchange Bybit announced that it will send $100,000 to Turkey’s Disaster Management and Management Authority (AFAD). Meanwhile, the country’s Financial Crimes Investigation Board (MASAK) approved an initiative by a charity called Ahbap to raise funds in cryptocurrency, according to its founder, Turkish singer Haluk Levent. The campaign runs until February 13th

Do you expect other crypto industry companies to join this exchange to help Turkey deal with the disaster? Tell us in the comment section below.

Cryptocurrency exchanges offer support for earthquake-hit Turkey – Exchanges, Crypto Trading News

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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