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Turkey to Receive Crypto Aid Following Devastating Earthquakes

In the last 24 hours, several crypto businesses have stepped up with a promise to help Turkey after the nation suffered two ruinous earthquakes. These alongside numerous aftershocks have claimed over 1500 lives across Turkey and Syria. Parts of both regions have crumbled following the disaster meaning, not all the victims have been discovered yet.

On Monday, February 6, Turkey’s Kahramanmaras Province took a hit from a devastating 7.8 magnitude earthquake. A few hours later, it was followed by another strong quake of 7.5 magnitude at noon. The tremors spread to neighboring countries and beyond, leading to widespread destruction and fear.

Top Crypto Exchanges Offer Aid

News of the earthquake prompted several governments and other entities to pledge their support. The crypto industry and its key players have also provided assurances of a helping hand amidst the trouble.

Companies contributing to the relief effort include outfits like Huobi Global, Binance, Bitfinex, Bitget, Bybit, Bitget, and BitMEX. Bitget for one pledged a million Turkish Lira to relief efforts. Huobi on the other hand promised two.

Meanwhile, BitMEX, in a Twitter post, expressed their sympathy for those affected and pledged to donate the profits from this week’s trading competition to the Red Crescent to aid Turkish victims. Bitfinex announced it is working on an aid package and promised to provide updates soon.

Bybit expressed their sadness over the news and offered their condolences to those who lost loved ones. The platform also stated that aid was on the way to the affected region and conveyed their best wishes to the Turkish people. Meanwhile, Binance CEO Changpeng Zhao stated that the company is exploring ways to assist. 

The aid in question includes critical supplies like medicine and rescue equipment, financial assistance, and manpower.

Crypto Donations — A Regulatory Gray Area

The crypto trading industry has a history of supporting disaster-stricken regions, with Ukraine being a notable example. After Russia launched its military operation in Ukraine, several industry players donated millions worth of digital assets to the country. However, donating crypto can be challenging as local authorities may be wary of digital assets that are in a regulatory gray area.

In response to the recent earthquakes in Turkey, the blockchain industry and research entities have drafted a petition to allow crypto-based donations. The petition, signed by over 40 entities, requests the creation of official crypto wallets and sharing of crypto donations through official channels.

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One Twitter user has warned of potential fraudulent fundraising efforts on platforms such as Telegram. The extent of the aid efforts for the neighboring war-torn nation of Syria, subject to economic sanctions, remains unclear.

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