Crypto Exchange Binance To Donate $1M to Flood-Hit Japan

Binance, one of the world’s largest cryptocurrency exchanges, will donate $1 million to Japan, where at least 100 people have died and millions are evacuating after massive rains that caused floods and landslides.

Hong Kong-based Binance, one of the leading cryptocurrency trading platforms globally, is going to donate $1 million in favor of people, who suffered from the heavy floods in the western regions of Japan, its CEO Changpeng Zhao said in his Twitter account.

The donations will be made in Bitcoin (BTC), Binance Coin (BNB), or in Japanese yen, with delivery to local authorities still to be figured out.

Zhao, the 38-year old founder of Binance also invited other companies and individual traders to join the campaign and lend a helping hand to those who found themselves in difficult circumstances.

While the help is supposed to be voluntary, Zhao promises to take the benevolence of the potential donors into account while considering applications by new projects for listing on the exchange. Potential discounts from listing fees are also possible. The start-ups can approach Zhao via direct messages on Twitter or send an email to a dedicated address.

At this stage, the donating procedure is pretty simple: those who want to donate via Binance, can transfer ETH or any other ERC20-compliant token to the dedicated address and notify the exchange via email (this step can be skipped if the donor wants to stay anonymous). However, the exchange plans to create a separate, dedicated mechanism to raise money for such initiatives.

Western Japan has been hit by heavy rains since Thursday, causing massive floods and landslides. Currently, at least 100 are reported dead, and more than 50 are missing, while some two million people have been ordered to evacuate, according to local media.

Binance, which is registered in Hong Kong and has its servers based in Japan, is expected to earn between $500 million and $1 billion in net profit in 2018, Zhao told Bloomberg. The exchange, which has over 10 million users, netted $300 million for the first half of the year.