Head of Binance Charity on work in Ukraine: 'We empowered individuals in need to receive direct aid, regardless of their geographical location'

While thousands of Ukrainian refugees resettling in Texas have been welcomed with donations of food, clothing, and gift cards by local charitable organizations and communities, many Ukrainians have also been supported by the cryptocurrency industry. Helen Hai, the head of Binance Charity, the philanthropic arm of the largest cryptocurrency exchange in the world, told Houston Daily that the organization utilized crypto-based cash assistance and the first-of-its-kind Binance Refugee Card to provide instant aid to Ukrainians who were displaced by the conflict.

"As part of our three-phase, $10 million+ donation to aid humanitarian efforts, we launched the first-ever Binance Refugee Card. This initiative provided over 200,000 existing and new Binance users, who were forced to leave their homes in Ukraine and move to other countries in Europe, with a convenient payment tool," Hai said in a statement. "The card gave displaced people with urgent financial needs the freedom to quickly and securely send and receive funds, even if they couldn't access traditional financial organizations." 

"In addition to the crypto card, we also offered a crypto-based cash assistance program to further support those affected by the conflict in Ukraine. This program provided $75 per month in stablecoin for three months to 15,000 displaced Ukrainians across Europe and within Ukraine. The cash assistance helped them purchase essential items and adapt to their new circumstances in the aftermath of the war. By leveraging crypto-based cash assistance, we empowered individuals in need to receive direct aid, regardless of their geographical location or access to traditional banking services. This initiative not only provided immediate support but also laid the foundation for better future financial infrastructure and assistance for refugees."

"Through the Binance Refugee Crypto Card and crypto-based cash assistance, we aimed to bridge the gap and promote financial inclusion among displaced individuals. These initiatives showcased the transformative power of crypto and how it can be harnessed to address the financial challenges faced by refugees and displaced populations, ultimately paving the way for more innovative and effective solutions in the future."

In the wake of Russia's invasion of Ukraine, Binance Charity partnered with international NGOs to launch a crypto-to-cash assistance program, enabling displaced refugees to retain their ability to spend the money received through donations without having to pay bank transfer fees or navigate bank shutdowns. Through the program, thousands of refugees could access emergency financial aid by using the new Binance Refugee Card. One volunteer said in a YouTube video about the initiative that processing donations through traditional banks was a slow process that could take about a week. He said that although of course they were grateful for all donations in any form, "technical superiority" is a benefit of crypto donations, allowing them to be processed and distributed much faster. He also said that the transaction fees associated with crypto are significantly lower than those associated with traditional banks.

Alexander Bornyakov, Ukraine's Deputy Minister of Digital Transformation, said in the video that on the first day of the war, "the banking system completely shut down." He said turning to crypto made sense because of the ease with which it could be transferred.

Binance Charity's 2022 annual report said that through partnering with UNICEF and USA for UNHCR, the organization was able to help more than 400,000 Ukrainian refugees access housing, monetary aid, food and shelter, and emotional support. The report highlighted the fact that this initiative was the first time UNHCR accepted stablecoin donations. The report said that the Binance Refugee Card helped more than 15,000 Ukrainian refugees, the majority of whom were women and children, be able to spend crypto donations at more than 60 million online and physical stores.

Texas welcomed approximately 12,000 Ukrainian refugees, according to Russell Smith, CEO of Refugee Services of Texas, who said his organization was preparing to help between 3,000 and 5,000 of those refugees resettle, ABC reported.

Groups like Catholic Charities and Lutheran Immigration and Refugee Service have helped refugees in Texas access food and services like enrollment in ESL classes and government programs, while members of the general public have donated gift cards and critical items like diapers, KENS reported.