In light of the recent earthquake that struck the Marrakesh-Safi Province of Morocco, Binance Charity has pledged to airdrop up to $3 million in BNB to affected Binance users in the region.
The criteria for the airdrop are based on Proof of Address (POA) submissions. Users who had completed their POA by 9 September 2023 in the hardest-hit Marrakesh-Safi Province will be eligible for a $100 BNB airdrop directly to their Binance accounts. Recognizing that some users might not have completed their POA by the aforementioned date, Binance has extended a grace period. Users who complete their POA between 9 September and 30 September 2023 will receive a $25 BNB donation.
Additionally, Binance will airdrop $10 in BNB to active transacting users throughout Morocco, even if they reside outside the most affected areas. The initiative is expected to benefit approximately 70,000 Binance users in Morocco, with the funds distribution commencing on 12th September 2023.
Natural disasters often disrupt traditional banking systems, leaving victims without access to crucial funds. Cryptocurrency, with its swift, cost-effective, and transparent transactions, is emerging as a viable alternative for delivering financial aid in such circumstances.
Commenting on the situation, Binance’s founder and CEO, CZ, stated, “The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.”
In addition to the airdrop, Binance Charity has set up a public donation address, allowing anyone to contribute. All donations received will be forwarded in their entirety to a yet-to-be-named authorized NGO. Accepted cryptocurrencies for this cause include BNB, BTC, ETH, USDC, USDT, and BUSD.
In these challenging times, Binance reaffirms its commitment to its Moroccan user base, seeking further avenues to assist the community.
BNB, the native token of Binance, represents a cornerstone of the Binance ecosystem. Launched in July 2017, Binance has since become the world’s largest cryptocurrency exchange by daily trading volume. Beyond its primary function as an exchange, Binance has expanded its reach, introducing various sub-projects like the Binance Chain, Binance Smart Chain, and Binance Academy. BNB plays a pivotal role in these projects. Founded by Changpeng Zhao and co-founder He Yi, Binance’s vision is to be the infrastructure services provider for the entire blockchain ecosystem. Unique features of BNB include its deflationary tokenomics, enhanced by measures like BEP-95, and its coin burn mechanism, aiming to reduce its initial supply by half. The initial circulation of BNB was 200 million tokens.
Image source: Shutterstock