Binance Donates $10 Million to Ukraine After Government Request for Cryptocurrency Donations

The crypto community heeded the Ukrainian government’s call for the crypto community to show support for Ukraine through digital asset donations. The latest donation came from one of the biggest cryptocurrency exchanges, Binance, which pledged to donate $10 million worth of digital assets to Ukraine amid these difficult times. In the recent past, cryptocurrencies have emerged as the primary method for donations due to their numerous advantages over traditional money transfer methods and banks. In a nutshell, traditional methods of transferring money were expensive, slow and in most cases very restricted due to government oversight. Over the weekend, the Ukrainian government, through the deputy prime minister who also serves as minister of digital transformation in the country, Mykhailo Fedorov, appealed for the support of the crypto community and sent three addresses where cryptocurrency donations should be sent. .

Request to block Russian cryptocurrency users

In addition to appealing for donations, the Deputy Prime Minister also appealed to cryptocurrency exchanges around the world to block Russian users from accessing cryptocurrency services. Fedorov said: “I am asking all major cryptocurrency exchanges to block Russian user addresses. It is crucial to freeze not only addresses linked to Russian and Belarusian politicians, but also sabotage ordinary users.”

More than $19 million in crypto donations made so far

Since Russia invaded Ukraine, the cryptocurrency community has sent digital asset donations worth more than $19 million to the Ukrainian government. According to reports from blockchain analysis firm Elliptic, the total amount received by the Ukrainian government as of February 27 at 23:50 UTC was $18.9 million. Most of the donations came after the Deputy Prime Minister’s appeal. According to the report, most donations were made through Ether and Bitcoin. The biggest donation so far came from Binance, which donated $10 million in digital assets. “The donation will be split between leading intergovernmental organizations and non-profit organizations that are already on the ground, including UNICEF, UNHCR, UN Refugee Agency, iSans and People in Need, to help support displaced children and families in Ukraine and their families. neighboring countries.” Binance created a cryptocurrency donation website portal called ‘Ukraine Emergency Relief Fund’ which received over 156 BTC (worth around $5.8 million) from over 214 donors. The Polkadot founder also expressed his desire to donate using DOT if a DOT address is provided.