In response to criticism regarding the $3 million donation in crypto to earthquake victims, Binance has provided explanations and arguments addressing key issues raised. The majority of the objections came from traditional charity organizations, less acquainted with crypto. The company is taking these critiques constructively and has provided counterpoints to the following concerns:
1. The need for physical supplies (like food and water) rather than crypto: Binance confirms its agreement and points out its history of providing essential items through dual programs. The crypto donations simply allow for faster assistance, due to the time it takes to mobilize tangible resources.
2. The need for cash instead of crypto: Binance argues that crypto can easily be converted into cash, particularly for those familiar with crypto. They compare criticisms of a non-crypto person to a blind person critiquing the use of lights.
3. The scope of people aided is limited to Binance users: Binance acknowledges that its expedited assistance chiefly reaches its clients. However, the company underlines that donations are intended to help where they can, not solve all issues.
4. Some recipients are not in affected areas: Binance employs a tiered system where users closer to the epicenter receive a higher amount. They argue that the entire country is likely to undergo long-term economic impact due to the quake, so providing aid to their users is beneficial.
5. The absence of traditional charity involvement: Binance asserts that they do involve such organizations when they donate. They argue that crypto donations allow for better traceability compared to traditional ones. With cryptocurrency, Binance can instantly provide exact numbers of people they have assisted in specific regions.
Binance reiterates its commitment to helping its users and others affected by natural disasters and continues to utilize the speed and traceability of cryptocurrency to achieve these ends.
