This week, a horrible natural disaster hit Turkey and Syria. The 7.8 magnitude earthquake completely devastated the area, hitting several regions like Aleppo, Hatay, Iskenderun, and Aldana. So far, over 7000 deaths were confirmed by the two country’s governments.
The earthquake is believed to be the strongest to hit Turkey since 1939. On top of the substantial difficulties this catastrophe can generate, a 7.8 magnitude earthquake can have significant and far-reaching economic effects on a population.
The physical damage to infrastructure such as buildings, roads, and bridges can be extensive, requiring costly reconstruction and rehabilitation efforts.
This can lead to increased costs for businesses and individuals, as well as reduced economic activity. In addition, many people may lose their jobs or businesses, resulting in a loss of income and decreased spending power.
With that in mind, the world’s largest cryptocurrency exchange, Binance, announced this Tuesday that the company will be sending $100.00 worth of BNB to all Binance users affected
In a blog post, Binance stated that the users eligible for the compensation will be based on a Proof of Adress (POA), completed before February 6th. The company will target users living in ten of the most affected cities, including Kahramanmaraş, Kilis, Diyarbakır, Adana, Osmaniye, Gaziantep, Şanlıurfa, Adıyaman, Malatya, and Hatay.
Binance Also Endorsing Charity For The Earthquake Victims
On top of the financial aid, Binance also launched a charity address where worldwide users can donate to the victims.
“The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected,” Binance CEO Chanpeng Zhao said. “We are also calling on our industry peers to once again come together to offer support in these times of crisis.”
The donated money will be converted to TRY and re-passed to the authorized non-governmental organization tasked will helping the thousands of victims left after the devastating catastrophe.
The charity address will accept donations in Bitcoin, Ethereum, BNB, BUSD, and XRP.