Binance Charity, CZ defend $3 million crypto donation amid critique after Morocco earthquake
The controversial donation of $3 million in Binance Coin (BNB) by Binance Charity to victims of the recent earthquake in Morocco has sparked a debate about the role of cryptocurrencies in humanitarian aid. As reported by the Financial Times, some critics have labeled it a PR stunt, arguing that victims of such disasters need immediate essentials […]...
- Binance Charity donated $3 million in Binance Coin (BNB) to victims of the recent earthquake in Morocco, sparking a debate about the role of cryptocurrencies in humanitarian aid.
- Critics argue that victims need immediate essentials like food and water, not crypto, labeling it a PR stunt.
- CZ Binance, CEO of Binance, defends the donation, stating that while essential items take time to organize, crypto can be provided quickly.
- Binance Charity takes a dual approach, providing essential items and direct access to funds through crypto-based donations.
- Some criticize the exclusive nature of the donation, primarily benefiting existing Binance users.
- CZ argues that existing users understand how to operate wallets and convert crypto into local currency.
- Binance Charity airdropped $3 million worth of BNB directly to Moroccan users, while also collaborating with local organizations and donating funds raised from the public to a local charity.
- Binance Charity aims to refine its approach based on feedback and engage with humanitarian experts to improve effectiveness.
- The charity's goal is to leverage technology, particularly blockchain, for sustainable development.
The sentiment of the article is mixed. Critics argue against the donation, labeling it a PR stunt, while CZ Binance and Binance Charity defend their approach and highlight the benefits of crypto-based donations.