It has been two months since the commencement of Russia’s invasion of Ukraine, and so much has happened while the rest of the world watches from a distance.

However, amidst all of these events, two things have remained constant – firstly, Russia has been subject to immense criticism and multiple economic sanctions. Second, Ukraine continues to be supported by well-intentioned nations around the globe and receives financial and humanitarian aid.

In the ongoing Russian-Ukraine War, cryptocurrency continues to be a key and neutral player. Although it was used as a tool for Russia to avoid economic sanctions, it also served to aid Ukraine. It received valuable cryptocurrency aid that exceeds $140million.

Binance issues a Crypto Card for Ukrainian Refugees

Interestingly, cryptocurrency’s role in the ongoing war has been a constant, and this is evident from Binance’s latest humanitarian efforts which are being channeled towards helping Ukrainian refugees.

According to reports, the crypto-exchange has launched a new crypto card for refugees from Ukraine that allows them to receive and transact crypto via the Binance Visa (NYSE) Card.

While Binance is not alone in this, the global crypto exchange is reportedly working with several other entities, including Contis (a European banking-as-a-service platform), and Rotary & Palianytsia (a non-profit organization) to facilitate the effort.

These partners, according to diverse sources, will offer different ways to send and receive funds for purchases in the European Economic Area (EEA) to Ukrainian refugees who have been affected by the current invasion.

Binance will offer financial support to Ukrainian cardholders, who are verified by the local no-profit organization. Each person who qualifies will be provided with a 75 Binance USD (BUSD), relief fund over the course of the three-month period.

Speaking to a reliable source, Binance’s Head of Charity Helen Hai revealed that, while the card is not “a commercial product” the main purpose is to provide a functional payment instrument to enable the receiving and sending of donations.

Hai went on, stating that Hai believes the card’s new issue is a practical example of cryptocurrency playing a meaningful role in society.

“The whole world is able to observe the important role which cryptocurrency plays, and how it transforms our reality. It is cryptocurrency that plays a key role in raising vital funds and providing much-needed humanitarian assistance to Ukraine,” she explained.

Hai is optimistic about the limitless possibilities that cryptocurrencies offer, noting that it has “no boundaries, restrictions, does not require documents nor other lengthy complex bureaucratic procedures, and is capable of producing results here and now.”

The Binance Visa Card: What Does It Mean for Humanitarian Actions Around the World?

Binance isn’t the only organisation that provides assistance in cryptocurrency. Binance provides help to people who are in dire need of it by issuing a special card.

Binance will allow organizations to collaborate with them because it is Visa-issued.

Binance has not yet confirmed whether the card would be made available beyond the European Region. However, the cards may be of great benefit to people around the globe who need similar help.

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