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Inside Binance's charity: What is the exchange doing for social good?
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Quick Take
- The Block puts Binance’s charity, Blockchain Charity Foundation, in the hot seat
- At present, the not-for-profit group is funding health and education improvements in Malta and Uganda
- So far, they have donated the equivalent of $178,000 to 3 projects, reaching at least 1,000 beneficiaries. It has more than $1 million in donations (or diverted listing fees) from Binance alone.
- Part of its mission, the exchange said, is to test the power of blockchain-enabled charitable donations and blockchain’s role in combating poverty and inequality
It’s fair to say crypto do-gooders are often viewed with surly scepticism, and Binance’s charitable arm has been no exception. Since its launch at the UN last year, the nonprofit has faced an onslaught of scrutiny, with some cynics believing Binance is using it to hedge its taxes. Indeed, it is financed primarily by Binance, which now diverts 100% […]
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