Heartwarming as Binance donates $3 Million in BNB to it's users in Morocco

[iBaba]

Source: https://x.com/cz_binance/status/1701309635074875772?s=46&t=6Rd1Jmm5aGDS_Ll7ou2Sng

It is exciting to receive this humanitarian assistance from Binance, which provided $3,000,000 in BNB to its users who were affected by the unfortunate 'Morocco earthquake' tragedy.

According to the Binance founder and CEO CZ, he said: “The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.”

To my esteemed forum friends and family, this is indeed a one-of-a-kind. Let's celebrate the Binance company while we continue to mourn and show our kind support to the affected citizens of Morocco.


https://www.binance.com/en/blog/charity/binance-to-airdrop-up-to-$3-million-in-bnb-to-users-in-the-morocco-earthquake-region-6962526806416134014

[1714882659]

1714882659

[tabas]

Binance did another good job in helping Morocco in the times of need. They always do this and sends the aide that people needs when devastation like this comes. Whether people hate or like Binance, they're always been helpful and sending amounts for the sake of those affected people.
This gesture should be like the foundation of other big exchanges to help also in the times when they're needed the most. Or, it's just that they don't broadcast their help but also does their own charities and support to the choice of theirs.

[KingsDen]

This is a nice gesture by CZ and Binance. There is no doubt, in a period like this is when companies give back to the community that made them. I have also seen a mansion circulating in social media about Ronaldo and aiding Morocco. I do not actually know much about it

For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.”

How viable will this work? The good citizens who are not impacted but recieved the funds will use the funds appropriately. How about the bad ones who will not even disclose to anyone that they recieved any fund from Binance?

[hugeblack]

My sincere condolences to the Moroccan people, I am affected by the staggering number of deaths.

This is a beautiful gesture from CZ, but in return it will be paid by BNB and will be financed from the customers’ money and not from CZ pocket or Binance. In short, he did not pay anything and the price of the currency may be affected by the decline because he printed 3 million BNB.
It is true that users can withdraw them into Bitcoin, but he is trying to kill two birds with one stone, the media coverage of this issue, the increase in the number of Moroccan users and the failure to pay anything, as this offer will only lead to a temporary decrease in the price.

As a reminder, Binance owns ~343k worth of Bitcoin in the form of BNB & BUSD while it has ~618k worth of Bitcoin according to the Proof of Reserves^[1] issued by them. In other words, about half of the bitcoins available at Binance in form of BNB & BUSD printed without any proof of their value.

[1] https://www.binance.com/en/proof-of-reserves

[noorman0]

-snip-
How viable will this work? The good citizens who are not impacted but recieved the funds will use the funds appropriately. How about the bad ones who will not even disclose to anyone that they recieved any fund from Binance?

That is the moral responsibility of the aid recipient. Moreover, I think CZ distributed this aid in a slightly inappropriate way and seemed more selective. Aid is only dropped to verified plus users, where the advantage of this type of verification is that there is no limit on the deposit amount. This means that retail users (lower class) may not want to complete this verification level.

[Adbitco]

Sincerely speaking i don't know the kind of heart CZ has but to me i can classify it to the heart of gold, at this point the most needed time he raise such a huge amount money in bnb to the affected victims is a thing that no one else could thought of although, there may be some other generous giver but since we didn't get the news it may seems nothing was done by others.
I believe for sure that the US most have also done something great by now who knows?
My condolences to those who lose their life's and, I also wish those who are partially affected a quick and swift delivery.

[Woodie]

Saw the news the other day, the videos , pictures that were shared were just so touching and this goes to show the brute might of nature  

Otherwise, thanks to Binance for this humanitarian gesture to the people of Morocco, just hope other crypto businesses will do the same to cement our existence on the world map and make it easy for cryptocurrencies to break these borders should regulation call.

but he is trying to kill two birds with one stone, the media coverage of this issue, the increase in the number of Moroccan users and the failure to pay anything, as this offer will only lead to a temporary decrease in the price.

CZ seizing the moment at the right moment, perhaps some PR stunt  

[Darker45]

Sincerely speaking i don't know the kind of heart CZ has but to me i can classify it to the heart of gold, at this point the most needed time he raise such a huge amount money in bnb to the affected victims is a thing that no one else could thought of although, there may be some other generous giver but since we didn't get the news it may seems nothing was done by others.

I'm not sure about this heart of gold thing, but, first, CZ didn't raise the amount and, second, the money wasn't really distributed to the affected victims. Please refer to hugeblack and noorman0's posts right above you.

How I wish the money was given to organizations, government agencies, or certain efforts that provide direct assistance to those who really need it the most and not only to the verified plus Binance users. In fairness, he'll also be donating money to an authorized NGO but the money will be coming from the proceeds of a public donation drive that he launched. I hope he'll give all the donations away.

Anyway, this is still a good gesture coming from CZ. Props to him for doing this.

[CryptopreneurBrainboss]

According to the Binance founder and CEO CZ, he said: “The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.”

I sympathize with both those afffected directly and indirectly, earthquake isn't something we should wish on any nations as they are very destructive. Seeing the videos online shows how seriously the earthquake was and people are going to be homeless. Some people that have worked their whole life to build or buy the house that they were leaving in will get destroyed and I just hope humanitarian helps reach all of them affected which brings me to what Cz just did with his BNB donation. Although his gesture are highly appreciated but he could have done the donation in a different way. I don't like when people mix business with charity, he could have easily converted those funds to stablecoin and done his donation without putting BNB under pressure because those that received the donation will have to sell at some point to get fiats.

Sincerely speaking i don't know the kind of heart CZ has but to me i can classify it to the heart of gold, at this point the most needed time he raise such a huge amount money in bnb to the affected victims is a thing that no one else could thought of.

CZ is a businessman and a opportunist, he'll jump on every opportunity to look good in the eyes of the public as that's what's good for his business (exchange). This donation will do him more good than it might do those affected because not everyone will get the donation. The amount of publicity that both Binance the exchange and BNB the coin will get get is bigger than what would had been the results if that donation amount was been used for marketing. Media coverage, peer2peer discussion about the donation etc will all give Binance free promotion. Maybe next time the funds should be donated directly to an NGO that can meet those affected directly.

[YOSHIE]

It is exciting to receive this humanitarian assistance from Binance, which provided $3,000,000 in BNB to its users who were affected by the unfortunate 'Morocco earthquake' tragedy.

I am also concerned and saddened by the disaster that befell our brothers and sisters in Morocco at this time. I hope that they will be given fortitude and patience in facing the disaster that is happening right now.

Binance has made a noble humanitarian donation at this time, assistance from the CEO of Binance CZ, can ease the burden on those in need at this time, I hope that with sincerity and assistance from Binance, and can open the hearts and minds of other exchange CEOs who are around the world today by helping those who are currently in need.

Libya, Morocco, in 2023 the worst and most devastating disaster I have ever seen in my life, almost 20 thousand people died in Libya, this is the worst disaster, I hope that aid continues to flow and is distributed well to those affected by the disaster.

[Mpamaegbu]

Indeed, this is cheering news coming from CZ Binance. Nobody rejects help in the time of their need, loss and perplexity; so I don't want to look at any business implications here, whether indirectly CZ stands to gain maximally from this in terms of exposure and publicity or not. I'm just happy that someone provided assist to a troubled nation. What happened in Morocco hits closer home. My condolences go out to them.