In a heartwarming display of generosity, Binance Co-founder and former CEO Changpeng Zhao (CZ) donated 1,000 BNB tokens (valued at approximately $598,025) on April 3 to aid in the recovery efforts of Myanmar and Thailand following a devastating magnitude 7.7 earthquake that struck both nations on March 28. The earthquake wreaked havoc on infrastructure and resulted in numerous casualties in the region.
CZ’s donation of 500 BNB tokens each to Myanmar and Thailand will be instrumental in providing immediate relief to those hardest hit by the disaster. The funds will be utilized to support recovery efforts and assist those in urgent need of assistance.
In addition to CZ’s personal donation, Binance Charity has launched a $1.5 million BNB airdrop program to further support the affected regions. The initiative aims to distribute funds to users in Myanmar and Thailand who have been identified as residing in the impacted areas. The airdrop will help provide financial aid to those in need and contribute to the recovery process.
The distribution of funds is scheduled to be completed by April 14, utilizing Know-Your-Customer (KYC) and Proof of Address protocols to ensure that the assistance reaches those who are most vulnerable. In Myanmar, eligible Binance users who have completed KYC will receive $5 in BNB, with individuals from severely affected areas receiving $50 in BNB. Similarly, the relief program in Thailand will offer $5 in BNB to verified users and $10 to those residing in the worst-hit areas.
CZ’s ongoing commitment to supporting humanitarian causes is evident through his philanthropic endeavors. In February, he pledged 150 BNB (equivalent to $100,000) to victims of the Libra memecoin scam and traders impacted by the crash of TST and BROCCOLI memecoins. By sharing his donation address publicly, CZ has encouraged the wider crypto community to contribute to charitable causes.
The trend of crypto donations for philanthropic purposes is on the rise within the cryptocurrency sector. Industry leaders like CZ and Ethereum Co-founder Vitalik Buterin are leveraging digital assets to support various charitable initiatives. In 2024, Buterin converted $1.6 million worth of memecoins into Ether for donation purposes, with the funds being allocated to several causes, including the development of anti-airborne disease technology.
The surge in crypto donations in 2024, surpassing $1 billion in total contributions, can be attributed to factors such as the increasing value of cryptocurrencies and the growing adoption of digital assets. Organizations like The Giving Block report that over 70% of major US charities now accept cryptocurrency donations, indicating a shift towards mainstream acceptance of crypto philanthropy.
Stablecoins accounted for 44% of all crypto donations in 2023, while a diverse range of assets, including Bitcoin and Solana, were donated in 2024. The Giving Block anticipates that crypto donations could reach $2.5 billion by 2025 as cryptocurrency continues to gain traction as a legitimate form of charitable giving.
CZ’s recent donation and the broader trend of crypto philanthropy highlight the potential of cryptocurrency in disaster relief efforts and showcase the role of blockchain technology in enhancing transparency and efficiency in aid distribution. Through initiatives like Binance Charity’s Airdrop program, affected users in Myanmar and Thailand are receiving vital support to facilitate their recovery and rebuilding efforts in the aftermath of the earthquake disaster.