Binance Charity has announced plans to airdrop up to $1 million in BNB (Binance Coin) to users in Taiwan's earthquake-hit regions in response to the devastating seismic activity. The charitable arm of the global cryptocurrency exchange will identify the eligible recipients based on proof of their residence in Hualien County, the most severely affected locale, via their KYC (know your customer) or POA (proof of address) information.

The users who completed their KYC or POA by April 5, 2024, and reside within Hualien County will be gifted $120 in BNB directly into their Binance accounts. Meanwhile, the existing users in the region who enrolled before April 5, 2024, but submitted their POA information between April 5 and 20, 2024, will be rewarded with a BNB donation of $25 directly into their Binance accounts. Binance plans to start disbursing these funds from April 8, 2024.

Cryptocurrencies, along with blockchain technology, have transformed charitable contributions over the years. These innovations offer faster, cost-effective, and transparent ways of donating. Directly transferring donations via digital assets to beneficiaries also eliminates intermediaries and provides recipients freedom to use the funds according to their priorities.

Richard Teng, Binance's CEO, expressed deep sorrow over the far-reaching impacts of Taiwan's recent earthquake. He expressed hope that the initiative would extend a helping hand to the affected populace. Teng also urged the beneficiaries of the aid, who were unaffected by the earthquake, to pass the funds onto those who genuinely need them.

Binance has shown a consistent commitment to supporting its users and the broader community during challenging times. Previously, Binance Charity has extended aid to users in Ukraine, Turkey, Libya, and Morocco.