The crypto space has often been bad mouthed by traditional finance fanatics but in times of need, yet again the space has united to make a difference.
In the aftermath of the recent earthquake that hit Turkey and Syria, major cryptocurrency exchanges have come forward to offer their support to the affected countries.
The crypto industry has pledged to help the Turkish traders, their families, and neighbors who were impacted by the devastating earthquake.
Leading exchanges like Binance, Huobi, Okx, Bybit, Bitget, Coinex, Bitmex, Bitfinex, and Tether have all committed to supporting the victims of the earthquake in Turkey. Binance, the world's largest crypto trading platform, announced that it will airdrop $100 of BNB tokens to all of its users living in the most affected areas.
The company aims to disperse a total of around $5 million and will identify the customers that qualify based on proof of address. Binance Charity is also accepting donations in several coins, which will be converted to Turkish lira and sent to a charity organization.
Okx, Bitget, and Bybit have also pledged their support to the affected regions. Okx will provide 1 million Turkish lira ($53,000) in financial assistance to the disaster victims, while Bybit will send $100,000 to Turkey's Disaster and Management Authority (AFAD).
The country's Financial Crimes Investigation Board (MASAK) has approved an initiative by the charity, Ahbap, to raise cryptocurrency donations for the earthquake victims. The campaign will continue until February 13.
Huobi CEO Justin Sun has established a 2 million lira relief fund by the Tron exchange and blockchain in memory of those who lost their lives in the earthquake.
Coinex has expressed its readiness to help the people of both countries, while Bitmex will donate the proceeds of its trading competition this week to the Turkish Red Crescent. Bitfinex and Tether have expressed their condolences and pledged 5 million lira towards immediate humanitarian aid and recovery efforts.
Cryptocurrency transfers have become an increasingly popular method of delivering financial aid to disaster victims as they offer fast, low-cost, borderless, and transparent transactions.
The global crypto trading sector has demonstrated its quick response to the earthquake and its commitment to helping the affected countries overcome the consequences of the disaster. The crypto industry is calling on its peers to come together to offer support in these times of crisis.
In conclusion, the cryptocurrency exchanges' response to the earthquake in Turkey and Syria highlights the growing importance of digital assets in providing financial aid during times of crisis.
These exchanges have demonstrated their commitment to supporting the affected regions and helping the people in need, and it is hoped that their efforts will bring some relief to those who were impacted by the disaster.