Crypto Exchanges Send Aid to Earthquake Victims in Turkey and Syria

• Bitfinex, Bitget, Bybit, Gate.io, Huobi, Binance, and BitMEX are sending aid to earthquake victims.
• Recent disaster is the worst to hit the region in 100 years.
• Unverified users are also soliciting funds using cryptocurrency wallets.

Several cryptocurrency exchanges have decided to send aid to victims of the recent earthquake in Turkey and Syria. Reportedly, the crypto exchanges ready to send humanitarian support to earthquake victims are Bitfinex, Bitget, Bybit, Gate.io, Huobi, Binance, and BitMEX.

A 7.8 magnitude earthquake struck parts of Turkey and Syria on Monday, February 7, 2023. About 5,000 people have died from the quake, with tens of thousands more injured.

This disaster is one of the worst ever to affect the region in more than 100 years. Rescue operations have been challenging as the prevailing unfavorable weather worsens the terrible situation.

Humanitarian complications are worse around northwestern Syria, where more than four million people already relied on aid before the incident. Nations, agencies, and industries are playing their part in providing intervention to disaster victims. In the same way, the cryptocurrency industry has risen to the occasion.

The actions of the above-listed exchanges are a reminder of how cryptocurrency supports charity. Considering their attributes, Bitcoin and other cryptocurrencies have proven to be suitable tools for the transparent execution of charity. Making donations across distributed ledgers guarantees a high level of openness that is unachievable with centralized protocols.

Apart from the exchanges, independent Twitter users are circulating pleas for support using cryptocurrencies. It is a method that most people have used over the years in crowdfunding exercises to solicit funds for various reasons.

While this model can serve as an efficient way to raise instant funds from different parts of the world, the pseudo-anonymous nature of the process demands proper verification from users to ensure that they are making payments to the intended recipients.

There are no reports of the above-listed exchanges soliciting donations. However, their actions have attracted accolades from many as they take this step out of their routine businesses to support the plights of humanity.

Post Views: 38