Binance Charity, CZ defend $3 million crypto donation amid critique after Morocco earthquake


18 Sep 2023 11:00 AM

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.

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You May Ask

What sparked a debate about the role of cryptocurrencies in humanitarian aid?Why do critics argue against the donation of crypto to earthquake victims in Morocco?How does Binance Charity address the criticism of the exclusive nature of the donation?What benefits do crypto-based donations offer in terms of speed, transparency, and accessibility?How does Binance Charity plan to refine its approach and improve effectiveness based on feedback?

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