On September 8, a devastating earthquake hit Morocco, causing casualties in Marrakech, and Binance pledged to provide $3 million in funding through Binance (BNB) to assist victims of the disaster.。

Binance's initiative involved a series of airdrops to users living in Morocco's heavily affected Marrakech region, with a total native BNB value of up to $3 million.。This Richter scale 6.An 8-magnitude earthquake killed more than 2,000 people in Marrakech, the country's fourth-largest city.。

Targeted aid distribution

Zhao Changpeng, founder and CEO of Binance, expressed his deep sympathy to the Moroccan people, saying, "The impact of the earthquake on the Moroccan people is devastating, and we hope to give some support to the affected people.。For Moroccan users who received donations but were not affected by the earthquake, we ask them to transfer the funds to those most in need。"

Users living in the worst-hit province of Marrakesh-Safi will receive $100 worth of BNB tokens directly into their Binance accounts.。For Moroccan users outside the region, Binance plans to airdrop $10 BNB per user。The initiative will benefit nearly 70,000 Binance users living in Morocco, and the aid distribution program will begin on September 12.。

In addition to the airdrop program, Binance has created a public wallet address and is currently accepting donations for further assistance.。These donations can be made with BNB, BTC, ETH, USDC or BUSD, the company said.。

This is not the first time cryptocurrency exchanges have used cryptocurrencies for humanitarian aid.。In March, Binance conducted a similar aid campaign for earthquake victims along the Turkish-Syrian border, offering victims $100 worth of BNB tokens.。

Binance quits CySEC

Meanwhile, in a recent development, the Cyprus Securities and Exchange Commission (CySEC) has officially removed Binance Cyprus Limited from its roster of crypto asset service providers.。The cancellation was reportedly due to the company's long-term non-provision of services under the Cyprus Cryptocurrency license for more than six consecutive months.。

In June, Binance launched a write-off procedure for its local subsidiary in Cyprus。Despite holding the necessary license, the company did not provide any clear explanation for staying dormant in the Cyprus cryptocurrency market.。Last October, Binance received CASP Level 3 registration from CySEC.。

In addition to this, Binance, the US branch of the global cryptocurrency exchange.US responds strongly to Securities and Exchange Commission (SEC) amid ongoing legal dispute。The exchange's legal team recently filed a sealed filing arguing that many of the regulator's requirements were "unreasonable" and "too onerous."。