Binance Donates $306,000 in BNB for Earthquake Relief in Thailand and Myanmar
2min read Binance co-founder Changpeng “CZ” Zhao has announced a significant donation of 500 BNB each to Thailand and Myanmar to support earthquake relief efforts. The donation, valued at over $306,000, aims to assist those affected by the recent disaster. Initially, cz inquired about the existence of a transparent on-chain donation system with decentralized identity (DID) to ensure the funds are distributed efficiently and transparently. However, since no such system was identified, he confirmed that Binance Charity and Binance Thailand would handle the distribution of the funds.
This move highlights the growing role of cryptocurrencies in disaster relief efforts, providing a fast and secure way to channel funds to those in need. The donation is part of Binance’s ongoing efforts to leverage blockchain technology for humanitarian purposes, ensuring transparent and efficient fund distribution. This initiative demonstrates how cryptocurrencies like BNB can play a vital role in global philanthropy, especially during crises.
On March 28, a 7.7-magnitude earthquake struck Mandalay, Myanmar, causing massive destruction. Over 1,000 people died and 2,400 were injured as buildings and bridges crumbled. The tremors also caused a high-rise in Bangkok to collapse, resulting in at least 10 deaths and leaving 100 others missing. The disaster drew a global response, with aid pouring in to assist the affected regions.
In response to the earthquake, Changpeng Zhao announced a 500 BNB donation per country. He first asked the crypto community whether a transparent on-chain donation system with DID existed, indicating his preference for a blockchain-based tracking mechanism. Since no suitable system was identified, he stated that Binance and Binance Thailand would ensure the funds reach the right channels. The donation, worth over $306,000, is part of Binance’s ongoing efforts to use crypto for humanitarian purposes. Binance Charity has previously facilitated relief operations using blockchain technology, ensuring transparent and efficient fund distribution.
Following Changpeng Zhao’s announcement on March 28th, the BNB price continued its bearish momentum, extending the downward trend from previous days. The death cross at 00:30 UTC and an overbought RSI at 4:50 UTC fueled selling pressure. Bears pushed the price down to $634.01, where it met resistance at 11:50 UTC. A strong downward trend began at 12:20 UTC, with multiple oversold RSI signals at 14:05 UTC, 17:05 UTC, 19:55 UTC, and 21:00 UTC. The price found support at $616, leading to a golden cross at 21:20 UTC, triggering a bullish reversal.
The price surged into March 29th, reaching an overbought level at 00:42 UTC. However, bears regained control with a death cross on the MACD line at 1:00 UTC, leading to a break below $616 support at 2:40 UTC. With continued oversold conditions at 5:30 UTC, further bearish momentum could push the price toward $600. However, if bulls regain control, BNB price could reclaim $616 as support and rally toward $634.01. According to the analyst's forecast, a crucial retest at these levels is expected before a clearer trend emerges.
Changpeng Zhao’s 500 BNB donation to Thailand and Myanmar has brought attention to Binance Thailand and the BNB price. However, the market remains bearish, with BNB price breaking key support levels. If the bearish trend continues, the price could drop to $600. On the bullish side, a recovery above $616 could push it toward $634.01. Market sentiment and trading volume will play a crucial role in the next move. Traders should watch resistance and support levels closely as volatility remains high following this major announcement.
Ask Aime: What is Binance's donation strategy for Thailand and Myanmar earthquake relief?
