Binance donates 10 million to Ukraine following government appeal

The crypto community has responded to the Ukrainian government’s call for the crypto community to show their support for Ukraine through digital asset donations. The latest donation comes from one of the biggest cryptocurrency exchanges, Binance, which has pledged to donate $10 million worth of digital assets to Ukraine during these trying times.

In the recent past, cryptocurrencies have become the method of choice for donations due to their many advantages over traditional money transfer methods and banks. In a nutshell, traditional money transfer methods were expensive, slow, and in most cases severely restricted due to government oversight.

Over the weekend, the Ukrainian government, through Deputy Prime Minister who also serves as the country’s Minister of Digital Transformation, Mykhailo Fedorov appealed for support from the crypto community and sent three addresses where crypto donations should be sent.

Call to block Russian crypto users

Along with appealing for donations, the Deputy Prime Minister also appealed to crypto exchanges around the world to stop Russian users from accessing crypto services.

Fedorov said:

“I call on all major crypto exchanges to block Russian user addresses. It is crucial not only to freeze addresses related to Russian and Belarusian politicians, but also to sabotage ordinary users. »

Over $19 million in crypto donations made to date

Since Russia invaded Ukraine, the crypto community has sent donations of digital assets worth over $19 million to the Ukrainian government.

According to reports from blockchain analytics firm Elliptic, the total amount received by the Ukrainian government as of February 27, 23:50 UTC was $18.9 million. The majority of donations were received after the call from the Deputy Prime Minister. According to the report, the majority of donations were made via Ether and Bitcoin.

The largest donation to date came from Binance, which donated $10 million worth of digital assets.

“The donation will be split among major intergovernmental organizations and nonprofits already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans and People in Need, to help support children and families displaced in Ukraine and neighboring countries.

Binance has set up a crypto donation website portal named “Ukraine Emergency Relief Fund”, which has 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.

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Binance donates 10 million to Ukraine following government appeal

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