Since others in the crypto industry have already pledged support, the largest crypto exchange in the world is now “working on a solution” to help the victims of the earthquake in Turkey.
Changpeng Zhao, the CEO of Binance, tweeted on Monday that team members had discussed how to help those affected by the earthquake in Turkey, Syria, and elsewhere.
In response to a request for further comment, a Binance spokesperson did not immediately respond.
Crypto-centric relief efforts have taken many forms in the past, but details on upcoming efforts are scarce.
Last month, Binance partnered with Ukrainian pharmaceutical company ANC to offer crypto payment services for Ukrainian citizens purchasing goods at ANC’s 1,000 stores across the country through Binance Pay.
Last April, the crypto exchange launched a cryptocurrency card for Ukrainian refugees and partnered with Ukrainian supermarket chain VARUS to facilitate crypto payments.
By donating to the nonprofit organization “Aid For Ukraine,” which is operated by Ukraine’s Ministry of Digital Transformation, the Ukrainian government received up to $54 million in assets until August 2022. This particular initiative was funded primarily with bitcoin, ether, USDT, solana, polkadot, and other tokens — and was primarily used to purchase military equipment.
In April 2021, the Turkish government banned crypto as a form of payment. In December that year, the Turkish government announced it had prepared a long-awaited bill regulating digital assets.
According to the 2022 Statista Global Consumer Survey, crypto ownership or usage has increased from 25% to 40% in Turkey, a country with the 7th highest inflation rate.
Recently, Turkey’s central bank said the first payments on its Digital Turkish Lira Network were successfully completed, with pilots continuing throughout the year.
Fiat funds have been pledged by others as Binance plans its next steps
In a blog post, Bitfinex, Keet, Synonym, and Tether pledged 5 million Turkish lira – worth about $270,000 – for relief and recovery efforts.
Bitget, a cryptocurrency exchange, announced Monday that it would donate 1 million Turkish liras – roughly $50,000 – to similar causes.
Gate.io, a cryptocurrency exchange, announced Monday morning that it was preparing aid packages for those affected by the earthquakes.