Binance exchange has announced $1 million in support for users in Vietnam as the region faces economic and social challenges caused by Typhoon Yagi.
As Asia struggles to cope with one of the strongest typhoons in history, Typhoon Yagi, Binance, a leading cryptocurrency exchange, has announced a much-needed support for customers registered in Vietnam. According to the announcement, Binance Charity will distribute up to $1 million BNB to registered users, mainly in severely affected areas.
The cryptocurrency exchange plans to use users' 'proof-of-address' ( PoA ) information in 25 cities in northern Vietnam that suffered heavy damage from the storm.
Users who completed the POA before 2024/09/10 in these cities will receive $50 worth of BNB directly into their Binance accounts. … Binance Charity will distribute $20 worth of BNB to existing users in the region who registered before 2024/09/10 and completed the POA between 2024/09/10 and 2024/09/30 (both dates inclusive),” the crypto exchange noted .
The first distribution from Binance Charity will be made on Monday, September 16.
According to Richard Teng, CEO of Binance, Binance Charity stands in solidarity with the people of Vietnam and all those affected by the deadly Typhoon Yagi.
Although Binance is not regulated in Vietnam, this cryptocurrency exchange has the potential to have a big impact on the market. It has done many charity activities in the past such as providing medical equipment and water purification projects in Vietnam.
Binance and the Cryptocurrency Market Outlook
With the widespread mainstream adoption of digital assets and Web3 protocols, Binance exchange has become one of the biggest beneficiaries. It has over 221 million registered users worldwide. In the last 24 hours, Binance recorded an Medium volume of over $10 billion across all cryptocurrency pairs.
As a major holder of BNB, Bitcoin , and other promising projects, Binance has been a strong supporter of young Web3 projects. For example, Binance continues to support meme coin projects with vibrant online communities and developers through necessary liquidation .
Earlier this year, Binance announced the end of its ‘Season 6’ incubation program which supported three of the twelve projects with technical and financial support.
As a result, BNB has seen a surge in investor interest. The major altcoin, with a fully diluted valuation of around $79 billion and an Medium daily volume of around $899 million, was trading around $548 on Friday, up more than 76% year-to-date.
The remarkable success of Binance and BNB, despite facing regulatory hurdles in the United States and other regions, can be attributed to their strong customer protection policies. Binance competitors such as WazirX, Indodax, and FTX have suffered due to poor regulation, resulting in huge losses for their customers.
