Binance Pledges $3 Million in USDT to Aid Victims of Devastating Venezuela Earthquakes

Key Takeaways

Binance Charity Donates $3 Million To Support Venezuelans

The cryptocurrency industry is taking action to support Venezuelans who have been hit by the recent earthquakes that have left thousands without a home and an official death toll of nearly 920, with dozens of buildings destroyed.

Binance Charity, the philanthropic arm of Binance, has announced an initiative to help Venezuelans residing in affected zones directly.

The organization revealed that it will distribute $3 million to users who have completed Proof of Address (POA) and Know Your Customer (KYC) procedures, indicating they reside in La Guaira, Distrito Capital, Miranda, Aragua, Carabobo, Falcón, and Yaracuy, areas that were most affected by the natural disaster.

The help will be distributed as 20 USDT vouchers redeemable in Binance’s platform rewards hub. “Users will receive the funds within a maximum of 30 days from the completion date of their POA,” the exchange stressed.

Also, the exchange announced a general transaction fee waiver for peer-to-peer (P2P) Venezuelan bolivar transactions, one of the most extended use cases for Binance in the country, allowing Venezuelans to purchase or sell their crypto assets without added cost until July 2.

In addition, Binance Pay transactions will be exempt from fees until the same date, allowing fee-free purchases.

Exchange executives also expressed their support for the people of Venezuela in these difficult times.

Binance CEO Richard Teng stated that the exchange, which is the most popular crypto platform in the country, was “deeply saddened by the devastation caused by the earthquakes in Venezuela.” Similarly, Yi He, co-founder of Binance, stressed that they wanted to “work together to make this terrible world a better place.”

“During these difficult times, Binance stands with its users, and we will continue working to find new ways to help our community in Venezuela,” Binance Charity concluded.