Binance launches crypto-card for displaced Ukrainians

KYIV. April 27 (Interfax-Ukraine) - The Binance cryprocurrency exchange has launched a crypto-card for Ukrainian migrants in the European economic area, the Binance press service said on Tuesday.

"Binance, the world's leading cryptocurrency and blockchain infrastructure provider, has today launched the Binance Refugee Crypto Card for all current and new Binance users from Ukraine forced to move to EEA countries," the press service said.

The card will allow displaced Ukrainians to make or receive crypto payments and complete purchases at retailers in the EEA who accept card payments, it said.

Refugees who are verified by local non-profit organizations and applied for the Binance Refugee Crypto Cards will receive 75 BUSD, equivalent value to $75 per month for three months, consistent with recommendations from the Office of the UN High Commissioner for Refugees, the press service said.

The BUSD cryptocurrency will be converted to local currency automatically during the card payment. Getting and using a card is free, it said.

To obtain a Binance Refugee Crypto Card, refugees will need to use an existing account registered in Ukraine or register a new Binance account using a Ukrainian home address, even if currently living in another EEA country. All users will be required to complete full KYC verification, the press service said.

Earlier, Binance alloted $10 million through Binance Charity to support displaced Ukrainian families and children in neighboring countries.