For promising to donate its own native cryptocurrency token through airdrop to the victims of Morocco's terrible earthquake, cryptocurrency exchange Binance has come under fire. Iain Overton of Action on Armed Violence claims that those impacted by the earthquake are only concerned with receiving aid right away and are not interested in cryptocurrency.
Binance is accused of using destruction to boost its reputation.
One of the most popular cryptocurrency exchanges in the world, Binance, has come under fire for its choice to give its digital money, BNB, to Moroccans in the areas most hit by the recent earthquake. Some detractors charge Binance of exploiting the earthquake's devastation to enhance its reputation.
The Red Cross reports that the 6.8 magnitude earthquake in Morocco caused more than 2,800 fatalities and more than 300,000 injuries. Whole settlements were virtually obliterated in some places, such as the remote Atlas Mountains. Binance and other well-wishers have promised financial support in response.
Binance, which claims to have over 70,000 users in Morocco, announced that customers in the Marrakesh-Safi Province who completed the so-called proof of address (POA) by September 9 would receive an airdrop of $100 worth of BNB tokens.
Users who have not yet finished the POA will receive an airdrop of $25 worth of BNB from Binance, while active users in less impacted areas will receive $10 worth of BNB. According to the cryptocurrency exchange, BNB worth about $3 million would be transferred to Moroccan Binance customers' accounts throughout this process.
Earthquake victims have no interest in cryptocurrency
The executive director of Action on Armed Violence, Iain Overton, responded to Binance's proposal by criticizing the cryptocurrency exchange for ostensibly prioritizing its business goals.
"others who were directly impacted by the disaster will never hear about it, and others who weren't directly impacted by the disaster may leave with a favorable impression of [Binance's] brand. It's at best cynical, according to Overton.
The impacted individuals, the executive director continued, are simply concerned with receiving emergency aid; they have no interest in cryptocurrency. The International Federation of Red Cross and Red Crescent Societies expressed similar views.
Nevertheless, in spite of Overton and others' condemnation of cryptocurrency payments in general, such contributions have been credited with assisting Ukraine during Russia's invasion of the nation in February 2022. Binance is not the first cryptocurrency or blockchain platform to utilize the hardship of affected individuals for commercial goals, as the situation in Ukraine has demonstrated.
Gavin Wood donated digital tokens worth more than $5 million after the Ukrainian government agreed to his challenge to find a home for DOT, the native coin of Polkadot. When the Ukrainian government issued a TRX address, Justin Sun, the founder of Tron, promised to give $1 million. The Ukrainian government soon after said that it was now taking contributions in the form of 70 different digital assets.
In addition to the BNB airdrop, Binance also said in its announcement on September 11 that it had opened a public contribution address where anyone may donate. Donations can also be made with BTC, ETH, USDC, USDT, or BUSD in addition to BNB.
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