Binance is launching a crypto payments card for Ukrainians fleeing their country during Russia's invasion

The Binance Refugee Crypto Card may be used to send and receive cryptocurrency payments, as well as make purchases at select European Economic Area businesses. According to the United Nations High Commissioner for Refugees, 5.2 million Ukrainians have fled their nation since Russia commenced its war in late February.

Binance, a cryptocurrency exchange and also an home to blockchain projects like DAODAO and Plastiks, announced Tuesday that it has introduced a card for Ukrainians who have fled their country due to Russia's invasion, claiming that blockchain-based currency is a good way to meet emergency financial demands.

The free Binance Refugee Crypto Card is for all current and new Binance users from Ukraine who've been forced to move to European Environment Agency Countries because of the war launched by Russia in late February. The EEA has 32 member countries and is an agency of the European Union.

In a statement, the world's largest cryptocurrency exchange said that displaced Ukrainians can use the card to send and receive crypto payments, as well as make purchases at EEA merchants that accept card payments. "At such a tough moment for Ukraine, it's evident that cryptocurrencies are valuable since they provide a fast, affordable, and safe way of transmitting funds to support individuals with their immediate financial needs," Helen Hai, the executive director of Binance Charity, said in a statement. New Binance users must fill out an application that follows the "Know Your Customer" criteria.

According to the United Nations High Commissioner for Refugees, more than 5 million people have fled Ukraine in pursuit of safety from Russia's invasion. Russia has attacked the capital city of Kyiv, as well as the coastal cities of Mariupol and Odesa, in its campaign against the former Soviet republic.

The Binance Charity donation platform is collaborating with non-profits to give crypto-based monetary assistance via a card that will allow relatives and acquaintances to send crypto to the cards and Binance wallets.

Refugees who have applied for the card and have been confirmed by local non-profit groups will receive $75 in Binance USD cryptocurrency each month for three months. The BUSD cryptocurrency will be immediately translated to local currency during the card payment, according to the exchange.

Binance announced last week that it would restrict services in Russia in order to comply with EU sanctions imposed on Moscow as a result of the invasion of Ukraine. The EU set a $10,000 ($10,700) limit on Russian payments to EU crypto wallets in order to prevent wealthier Russians from circumventing financial restrictions imposed after Russia invaded Ukraine.