Crypto To The Rescue: Over $9 Million Pledged To Turkey And Syria In Earthquake Response

• Crypto asset donations towards victims of the devastating earthquakes in Syria and Turkey surpass $9 million with pledges from Binance, OKX, and Kucoin.
• The Turkish government temporarily lifted the cryptocurrency ban for one week to accept virtual assets donations following Levent’s crypto poll.
• The Avalanche Foundation has also announced $1 million worth of AVAX tokens towards relief efforts in both nations.

With rescue and humanitarian efforts ramping up in Turkey and Syria following earthquakes that have claimed no less than 5000 lives, the digital asset community has shown solidarity by donating several virtual assets to bolster rescue efforts.

At the forefront of the community’s response are Binance, Tether, Bitfinex, OKX, and Kucoin, who have so far pledged a total of $9 million in aid to the victims of the massive earthquakes that hit Syria and Turkey. Changpeng Zhao, the CEO of Binance, also announced an airdrop worth $5 million for users in the region. 

“The recent earthquakes in Turkey have had a devastating impact on so many people and communities. We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis,” Zhao stated in a press release.

Avalanche has joined the fundraising campaign by announcing a donation of $1 million worth of AVAX to relief efforts in both countries. 

“Turkey is close to the heart of the Avalanche Foundation and community, and the funds will help people recover faster in the wake of this tragedy. It is time to come together and shows that crypto is a force for good and a sign of hope for all of us who are hurting.”

Bifinex, Tether, Synonym, alongside other crypto companies, made a collective pledge totalling $266,000 yesterday. 

Turkey makes u-turn on cryptocurrency laws

In the wake of the recent tragedy with thousands of people looking to donate to Turkey’s rescue efforts through digital assets, the government has lifted the ban for one week allowing popular entertainer Haluk Levent to set up an account to receive digital assets. 

After the terrible incident, the digital asset community looked to donate virtual assets to Turkey, emulating the case of Ukraine, but Turkey’s anti-cryptocurrency laws posed a major challenge. Events turned after Turkish singer Levent asked his Twitter if he should push for digital asset donations.

After a whopping 82% supported digital asset payments, Levent met with Turkey’s financial watchdog MASAK and informed his followers that he had received approval and that the designated wallet would only run for one week. So far, donations to the wallet have hit over $2 million.