Crypto Companies to Aid Earthquake Victims in Turkey

Early Monday morning, Turkey was hit with a series of severe earthquakes that took thousands' lives and leveled whole neighborhoods.

Binance is working on a solution to help those affected by the earthquake felt in Turkey, Syria, and other locations victims, with many crypto companies offering their support as well.

Turkish citizens need help

Currently, the company’s team members are discussing how to best help the victims, according to a tweet from Changpeng “CZ” Zhao.

We are truly saddened by the earthquake in Turkey 🇹🇷. Our team has been working on a solution to help the people. There are quite a few details. I have had 4 meetings on it today. More details to come. Stay strong. 🙏

— CZ 🔶 Binance (@cz_binance) February 6, 2023

The world’s largest cryptocurrency exchange is known for its humanitarian work with Ukraine. Amid the ongoing war with Russian forces, Binance partnered with Ukrainian pharmaceutical company ANC last month to offer crypto payment services for Ukrainian citizens. Also, the company provided cryptocurrency cards to Ukrainian refugees.

Back in April 2021, Turkey banned cryptocurrencies as a form of payment. Later that year, the government announced that a long-awaited bill regulating the asset class was ready.

Crypto companies provide support

According to a recent blog post, $270,000 will be donated by Bitfinex, Keet, Synonym, and Tether for relief and recovery efforts in Turkey as the companies pledge to continue supporting Turkey “rebuild for the future.”

Another big crypto exchange, Gate.io, is preparing aid packages for those impacted by the earthquakes. Bitget said on Monday that it would send roughly $50,000 to similar causes.

In the wake of this tragedy, several charities accept donations in crypto to aid the victims of this unforeseen catastrophe.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.