🚨 Crypto relief for Turkey

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11 FEBRUARY 2023 View in Browser

Hello,   The devastating earthquakes that hit Turkey on Monday have killed over 15,000 and injured thousands more.    As countries around the world sent aid and rescue workers to the country, several crypto firms—BitMEX, Binance, Bitfinex, OKX, Kucoin, and Avalanche, among others—also come forward to help.    The likes of Binance, Tether, Bitfinex, OKX, and Kucoin have reportedly pledged over $9 million in donations, while Avalanche donated $1 million in AVAX tokens.   Binance CEO Changpeng "CZ" Zhao said, "We [Binance] will see how to help," following which the crypto exchange announced it is airdropping $100 in BNB to every user in the region, up to a total of $5 million

Largest crypto market in MENA

Did you know? Turkey is the largest market for cryptocurrency in the Middle East and North Africa (MENA) region, whose citizens have contributed to it receiving $192 billion from July 2021 to June 2022.    As per Chainalysis' 2022 Global Crypto Adoption Index, Turkey was assigned 12th place among all countries, with a year-on-year crypto transaction volume growth of 10.5%.    Although Turkey has banned crypto as a form of legal tender, crypto ownership in the country rose from 25% to 40%, per the 2022 Statista Global Consumer Survey. Notably, Turkey has the 7th highest inflation rate.

Crypto relief—not the first time   Crypto exchanges rushing to Turkey's earthquake victims isn't the first time nations will receive aid from digital asset exchanges or in the form of crypto.    During the Russia-Ukraine conflict in late 2022, the Ukrainian government reportedly received donations worth up to $54 million in the form of crypto assets such as Bitcoin (BTC, Ether (ETH), USDT, Solana (SOL), and others.    Earlier, during the peak of the second wave of COVID-19 in India, Ethereum Co-founder Vitalik Buterin donated around $1 billion worth of Shiba Inu (SHIB) tokens to a relief fund in India to fight the pandemic.

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WazirX and Binance go at it again!

In other news, WazirX and its supposed owner Binance are once again at loggerheads.    The Indian crypto exchange has called Binance’s latest allegations against it “false and misleading.” This refers to Binance’s blog post, which stated it has "no control over WazirX user funds or any aspect of the WazirX exchange’s operations.

Moving assets off Binance:   WazirX is also moving crypto assets held on Binance after the blog post also revealed the latter is terminating WazirX's access to its wallet and related technology services. WazirX is transferring assets held on Binance to other multi-signature crypto wallets   This comes a few months after Binance’s contentious ownership of WazirX resulted in a viral online spat between the two companies’ founders.

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