Binance exchange announced the $1 million support to its Vietnam users as the region grapples with economic and social challenges caused by Typhoon Yagi.
As Asia grapples with one of the strongest storms in recent history dubbed Typhoon Yagi, Binance, a top-tier cryptocurrency exchange, has announced much-needed support for its registered customers in Vietnam. According to the announcement, Binance Charity will airdrop up to $1 million in BNB BNB $592.0 24h volatility: 0.3% Market cap: $86.35 B Vol. 24h: $560.67 M to its registered users mostly residing in the identified affected areas.
The cryptocurrency exchange intends to tap into the proof-of-address (PoA) information for its users residing in one of the 25 cities of Northern Vietnam, who have mostly suffered from the major storm.
“Users who have completed POA before September 10, 2024, in these 25 cities will receive $50 worth of BNB directly to their Binance accounts. …. Binance Charity will airdrop $20 worth of BNB to existing users in the region who have registered before September 10, 2024, and will have completed the POA from September 10, 2024, to September 30, 2024 (both dates inclusive),” the crypto exchange noted.
The first batch of funds from the Binance Charity will be dispatched on Monday, September 16.
According to Richard Teng, CEO of Binance, Binance Charity stands in solidarity with the Vietnam people and all those affected by the deadly Typhoon Yagi.
Although Binance is not legally regulated in Vietnam, the cryptocurrency exchange has a huge influence on the market. As a result, Binance has been involved in several philanthropic activities in the past in Vietnam including medical supplies and water filtration projects.
Binance and the Crypto Market Outlook
Amid the mainstream adoption of digital assets and Web3 protocols, Binance exchange has been a major beneficiary. The cryptocurrency exchange has more than 221 million registered users globally. In the past 24 hours, Binance reported more than $10 billion in average traded volume for all crypto pairs.
As a major holder of BNB, Bitcoin, and other potential crypto projects, Binance has significantly supported young web3 projects in the past. For instance, Binance has continued to support meme coin projects with a vibrant online community and developers through much-needed liquidity.
Earlier this year, Binance announced the closure of its Season 6 incubation program that supported three of the twelve projects with technical and financial assistance.
As a result, BNB has gained much investors’ exposure in the process. The large-cap altcoin, with a fully diluted valuation of about $79 billion and a daily average traded volume of around $899 million, traded around $548 on Friday, up over 76 percent year-to-date.
The notable success of Binance and BNB, despite the regulatory hurdles in the United States among other jurisdictions, can heavily be attributed to its customer protection policies. Already, several of Binance’s competitors led by WazirX, Indodax, and FTX , have succumbed to poor management leading to huge losses for their respective customers.
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