Following the devastating floods that have left Libya in a state of turmoil, Binance has unveiled a distinctive initiative to extend its assistance.

The crypto exchange has pledged to distribute Binance Coin (BNB) tokens, with a total value of up to $500,000, to users residing in Libya. This gesture aims to bolster the recovery endeavors of the Libyan people and help them rebuild their lives in the aftermath of the catastrophic flooding.

Libyan users who successfully completed the Proof of Address (POA) verification before September 11, 2023, will be granted $100 in BNB directly to their Binance accounts.

Crypto To The Rescue

For users who complete the POA process between September 11 and September 30, 2023, Binance will donate $25 in BNB to their accounts. Additionally, all active users conducting transactions within Libya will receive a $10 BNB reward.

Binance is going to start transferring cash out to its verified customers beginning on September 13, 2023. Through this effort, the primary purpose is to provide direct support to about 13,000 persons.

Approximately 10,000 individuals are feared to be missing in the aftermath of severe floods in the country, according to an official from the International Federation of the Red Cross and Red Crescent Societies (IFRC).

The floods caused extensive damage, with around 25% of Derna, an eastern city in Libya, being devastated because of dam breaches during a storm. Tragically, over 1,000 bodies have already been recovered, as reported by a minister representing the eastern administration.

Crypto: Fast And Efficient

Following the occurrence of natural catastrophes, conventional banking institutions often encounter challenges, resulting in a lack of access to vital financial services for impacted individuals. This situation arises at a time when additional money are most crucially required, particularly for necessary necessities such as medical supplies and food.

Binance has integrated cryptocurrency transfers as a practical and efficient way to provide financial support to people affected by disasters. This approach ensures swift and effective assistance to those in need, bypassing the limitations of traditional financial institutions during challenging times.

At the time of writing, BNB was trading at $210.36, up 0.7% in the last 24 hours, but losing 1.8% of its value in the last seven days, data from crypto market tracker Coingecko shows.

Apart from the airdrop program, Binance Charity has introduced a public donation address to encourage people to support relief efforts. All donations made to this address will be fully directed to a qualified non-governmental organization chosen to assist those affected in Libya. Contributions can be made in multiple cryptocurrencies, including Bitcoin, Ether, USDT, BUSD and USDC.

Featured image from Greater Kashmir