Digital Assets Watch: Binance Pledges $3 Million in USDT to Aid Victims of Devastating Venezuela Earthquakes

Across major exchanges, the trading platform will deliver these funds by distributing $20 USDT vouchers to users in the areas affected by the recent earthquakes.

Binance is also eliminating P2P transaction fees for Venezuelan bolivars until July 2, and waiving Binance Pay fees.

The cryptocurrency industry is taking action to support Venezuelans who have been hit by the recent earthquakes that have left thousands without a home and an official death toll of nearly 920, with dozens of buildings destroyed.

Binance Charity, the philanthropic arm of Binance, has announced an initiative to help Venezuelans residing in affected zones directly.

The organization revealed that it will distribute $3 million to users who have completed Proof of Address (POA) and Know Your Customer (KYC) procedures, indicating they reside in La Guaira, Distrito Capital, Miranda, Aragua, Carabobo, Falcón, and Yaracuy, areas that were most affected by the natural disaster.

The help will be distributed as 20 USDT vouchers redeemable in Binance’s platform rewards hub.

“Users will receive the funds within a maximum of 30 days from the completion date of their POA,” the exchange stressed.

Also, the exchange announced a general transaction fee waiver for peer-to-peer (P2P) Venezuelan bolivar transactions, one of the most extended use cases for Binance in the country, allowing Venezuelans to purchase or sell their crypto assets without added cost until July 2.