Binance Stands with Morocco Earthquake Victims: 70,000 Users to Receive BNB Airdrops

<p>In the wake of a devastating earthquake that rocked
Morocco on September 8, causing casualties in Marrakesh, Binance has pledged
USD $3 million in Binance Coin (BNB) to assist the victims of this disaster.</p><p>Binance's initiative
involves issuing a series of airdrops, collectively worth up to USD $3 million
in its native BNB, to users residing in Morocco's heavily impacted Marrakesh region.
This earthquake, registering a magnitude of 7 on the Richter scale, left more
than 2,000 fatalities in Marrakesh, the nation's fourth-largest city.</p><p>Targeted Aid Distribution</p><p>Changpeng Zhao, the
Founder and CEO of Binance, expressed deep sympathy for the Moroccan people,
saying: "The impact of the earthquake on the Moroccan people is devastating. We
hope we can bring some support to those affected. For Moroccan users who
receive these donations but are not impacted by the earthquake, we ask them to pass
the fund on to those most in need." </p><p>Users residing in the
Marrakesh-Safi province, the hardest hit area, will receive USD $100 worth of
BNB tokens directly into their Binance accounts. For Moroccan users outside of
this region, Binance plans to <a href="https://www.financemagnates.com/terms/a/airdrop/">airdrop</a> $10 in BNB to each user. This initiative
will benefit nearly 70,000 Binance's users residing in Morocco, with the aid
distribution schedules to commence in September 12.</p><p>In addition to the
airdrop initiative, Binance has created a public wallet address that is now
accepting contributions for further aid. These contributions can be made in
BNB, BTC, ETH, USDC, or BUSD, the company said.</p><p>This is not the first
time the cryptocurrency exchange has mobilized cryptocurrency for humanitarian
aid. In March, Binance undertook a similar aid campaign for those affected by
earthquakes along the Turkey-Syria border by providing USD $100 worth of BNB
tokens to the victims.</p><p>Binance's Departure from
Cyprus</p><p>Meanwhile, in a recent
development, the Cyprus Securities and <a href="https://www.financemagnates.com/terms/e/exchange/">Exchange</a> Commission (CySEC) has
officially <a href="https://www.financemagnates.com/cryptocurrency/cyprus-regulator-officially-deregisters-local-binance-entity/" target="_blank" rel="follow">removed
Binance Cyprus Limited</a> from
its register of service providers of crypto assets. According to a report by <a href="https://www.financemagnates.com/executives/moves/zenfinexs-group-ceo-exits-joins-exinity-as-group-coo/" target="_blank" rel="follow">Finance
Magnates</a>, the deregistration
comes as a result of the company's prolonged inactivity in offering services
under the Cypriot crypto license for more than six consecutive months.</p><p>In June, Binance
initiated the <a href="https://www.financemagnates.com/cryptocurrency/binance-seeks-to-deregister-subsidiary-in-cyprus/" target="_blank" rel="follow">process
of deregistering</a> its
local subsidiary in Cyprus. Despite holding the necessary license, the company
did not provide any clear explanation for maintaining a dormant presence in the
Cypriot crypto market. Binance secured a Class 3 registration as a CASP from
CySEC in October last year.</p><p>Besides that,
Binance.US, the US arm of the global crypto exchange, has responded strongly to
the Securities and Exchange Commission (SEC) in an ongoing legal dispute. The
exchange's legal team filed sealed documents today (Tuesday), <a href="https://www.financemagnates.com/cryptocurrency/binanceus-pushes-back-against-secs-unreasonable-data-requests/" target="_blank" rel="follow">deeming
many of the regulator's demands</a> "unreasonable"
and "unduly burdensome."</p>

This article was written by Jared Kirui at www.financemagnates.com.