Crypto Exchange Binance Donates $3 Million to Valencia Flood Relief Efforts

In response to the devastating floods that struck Valencia, Spain, Binance Charity has donated $3 million to the Spanish Red Cross (Cruz Roja Española).

According to the Tuesday announcement, the crypto exchange's funding aims to support immediate relief efforts and assist communities affected by the recent natural disaster. The contribution from Binance Charity will enable the Spanish Red Cross to mobilize essential resources for those impacted.

"Thanks to their generosity and commitment, we can provide immediate assistance to the thousands of affected individuals, supplying vital resources in this very difficult time," said Fernando Pérez-Ordoyo, Head of International Partnerships at the Spanish Red Cross, in a statement.

This is far from the first time that the cryptocurrency community has provided disaster relief. Back in 2020, the Italian Red Cross similarly saw an influx of crypto donations at the start of the COVID pandemic. Millions of dollars of cryptocurrency donations also flowed to Turkey last year, after the country was devastated by earthquakes.

Binance itself also provided disaster relief other times in the past. Last month, the exchange announced an airdrop of $1.5 million worth of BNB to Binance users who are located in Central Europe areas most affected by the recent floods. In 2022, the exchange also donated $10 million to Ukrainian humanitarian projects following Russia’s invasion of the country.

Javier García de la Torre, General Manager for Binance in Spain, said in a statement that the company is “committed to leveraging our resources to provide critical support during these challenging times.”

“Through our donation to the Spanish Red Cross, we aim to bring relief and assistance to the people who need it most. We stand together with the community in Valencia, committed to helping rebuild and recover," he added.

The Spanish city of Barcelona experienced flooding on Monday, following severe floods in the Valencia region last week. Spain's state meteorological agency placed parts of Catalonia on red alert for torrential rain, with local media showing footage of cars partially submerged on highways.

Portions of Barcelona's El Prat airport, the second largest in the country, were flooded, leading to over 80 flight cancellations or delays along with suspension of rail services.

A similar weather event hit the Valencia region with a year's worth of rain last week, resulting in at least 217 deaths. On Monday, rescue teams focused on searching for missing individuals in underground car parks.

Edited by Andrew Hayward