Binance Charity’s Commitment to the Citizens of Malta
At Binance, we believe in the power of blockchain technology for social good. From philanthropy to financial inclusion, this emerging industry is creating new opportunities for people around the world.
In 2018, we created Blockchain Charity Foundation (BCF), the industry’s first transparent blockchain-based charity foundation. Binance Charity has so far distributed more than $15M in donations from 2,300+ donors to 20+ projects for health, education, sustainability and other causes, reaching more than 1 million end-beneficiaries as of 2021.
Binance Charity's Statement Regarding The Malta Community Chest Fund (MCCF)
As part of our ongoing efforts to improve the lives of people around the world, Binance Charity is committed to achieving 100% transparency in philanthropy and ensuring that 100% of all donations are distributed directly to the hands of those in need. As such, and in light of recent published articles that question our commitment to doing good, we would like to take this opportunity to clarify some misconceptions.
In 2018, BCF and the Malta Community Chest Fund (MCCF) entered into a memorandum of understanding (MOU) to raise crypto-funds for patients suffering with terminal cancer. As stated to the Court, BCF agreed to do this on the clear understanding that all donations made would be released transparently and directly to end beneficiaries. MCCF’s role is to propose the patients who should receive the crypto-funds. This is the underlying principle BCF has with all its partners and serves as a fundamental value for its charitable programmes.
Regrettably, when donation plans were submitted to BCF on 24th November 2020, the plans did not include the end-beneficiaries' crypto-wallet addresses that were necessary to enable BCF to transfer donations in accordance with the terms of the MOU. Transferring donations directly to the end beneficiary is a fundamental principle of the agreement between BCF and MCCF. Both parties appreciated the fact that BCF integrated blockchain technology to the donation process in order to apply the highest levels of transparency and efficiency as enshrined in the MOU.
Working Together To Reach Positive Outcomes
We have been having on-going discussions with the MCCF to resolve this issue amicably—as mentioned to the Court. We wish to find mutually beneficial ways to achieve our common goals of benefitting Maltese patients, but we must do this based on the MOU that was signed to ensure clarity and transparency. Since the beginning of 2021, we have engaged with MCCF in proposing reasonable and workable solutions to resolve the issue. We believed we were close to agreement and we await MCCF’s response to our proposal.
The health and well-being of people is at the heart of the work we do at both BCF and MCCF, and we remain hopeful that we can find a mutually beneficial path forward. It is also our responsibility to our donors to ensure transparency in transferring any donations we make under the MOU.
The 30,644 BNB donated to the fund, of which Binance made a significant contribution, has appreciated in value from approximately $200,000 USD in 2018 to ~$9 million USD as of July 2021. The assets are sitting safely and transparently on-chain at this address awaiting a final agreement between the parties: 0x480234599362dc7a76cd99d09738a626f6d77e5f.
Conclusion
Due to the price appreciation of these crypto assets, these funds are now able to help even more people in need. This dedicated fund will always belong to the citizens of Malta. Binance has every intention of fulfilling our charitable obligations, and we are eager to work closely with MCCF to come to a resolution and deliver these crypto donations as soon as possible to the hands of the people who need it most.
We sincerely appreciate all of our donors, partners, users and communities, for working collaboratively with us to make an impact. Please reach out to us at bcf@binance.charity if you would like to work with us or have any questions.