Ukraine crisis: UN accepts crypto donations for the first time

In total, Binance will be sending $10m in donations to Ukraine

Flags of UN and Ukraine waving with cloudy blue sky background                                 
Binance Charity has donated another $2.5m worth of BUSD to the USA for UNHCR to help Ukrainian refugees – Photo: Alamy
                                

The USA for the Office for the United Nations High Commissioner for Refugees (USA for UNHCR) has accepted its first stablecoin crypto donation, $2.5m (£1.9m) of Binance USD (BUSD) from the world’s largest cryptocurrency exchange by trading volume.

The donation, sent via Binance Charity, is for families forced to flee Ukraine to neighbouring countries, following the Russian invasion.

Binance said in a statement that the donation is “further demonstration how cryptocurrency is playing a key role in raising vital funds and providing humanitarian aid for the crisis in Ukraine”.

The BUSD donations will fund “humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need”.

So far four million people have found shelter in neighbouring countries, including Poland, Moldova, Romania and Hungary, while millions more have been forced from their homes, but remain inside Ukraine.

Binance’s charitable assistance to Ukraine

This is not the first donation Binance has made to assist Ukraine. Binance Charity had already sent more than $4.5m (£3.4m) to Ukraine. Another $3m (£2.2m) donation is being discussed with partners to decide how to provide “longer-term crypto based cash assistance recovery and resettlement relief”.

In total this comes to $10m (£7.6m) in donations from the crypto exchange.

‘Philanthropic power of crypto in action’

Anne-Marie Grey, executive director and CEO of USA for UNHCR, said: “Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action.

“This generous support will make a life-changing difference for families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.”

Helen Hai, head of Binance Charity, said: “Every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine.

“We are proud that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR’s tireless efforts and second-to-none experience in assisting refugees, makes them an obvious choice to support as part of our $10m in crypto donations.”

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