Binance Donates $3 Million to Support Valencia Flood Relief Efforts

In response to the severe flooding that recently struck the Valencia region of Spain, cryptocurrency exchange Binance has committed $3 million in aid to support relief efforts led by the Spanish Red Cross (Cruz Roja Española). 

#Binance is making a $3M donation to the Spanish Red Cross to support relief efforts following the devastating floods that hit the Valencia region in Spain.

Our thoughts and prayers go out to all those affected.

Read more 👇https://t.co/ZzRPfYFGbf pic.twitter.com/TTyxp6bL6d

— Binance (@binance) November 5, 2024

This donation aims to provide immediate resources to the communities severely impacted by the floods, which have devastated local infrastructure and affected thousands of residents.

Supporting Critical Relief Initiatives

The funds donated by Binance Charity will enable the Spanish Red Cross to mobilize essential resources and facilitate timely aid for flood victims in Valencia.

 Fernando Pérez-Ordoyo, Head of International Partnerships at the Spanish Red Cross, expressed gratitude for Binance’s support, noting that the charity’s financial commitment would help provide necessary resources to those in urgent need. 

 Pérez-Ordoyo noted: 

“Thanks to their generosity and commitment, we can provide immediate assistance to the thousands of affected individuals.”

The impact of the flooding has been felt across the region, with reports of submerged vehicles, transportation disruptions, and residents’ displacement from their homes. 

The Spanish state meteorological agency issued red alerts for torrential rain in parts of Catalonia as well, where flooding also impacted Barcelona, causing significant damage to infrastructure and delays to transportation networks. 

Parts of Barcelona’s El Prat airport, the second largest airport in Spain, were submerged, resulting in over 80 flight cancellations and interruptions to rail services.

A Continued Legacy of Disaster Relief in the Crypto Community

Binance’s involvement in disaster relief reflects a broader trend within the cryptocurrency community, which has previously supported various humanitarian initiatives worldwide. 

For example, during the onset of the COVID-19 pandemic in 2020, the Italian Red Cross received substantial cryptocurrency donations to aid their relief efforts. 

Similarly, in 2022, Binance donated $10 million to Ukrainian humanitarian projects, providing aid during the crisis following Russia’s invasion.

Last month, Binance also extended support to areas affected by flooding in Central Europe, airdropping $1.5 million worth of its native cryptocurrency BNB to users located in flood-stricken regions.

Commitment to Crisis Response and Community Rebuilding

Javier García de la Torre, General Manager for Binance in Spain, affirmed the company’s commitment to offering support in times of crisis. 

He emphasized on the fact that it continues Binance’s practice of donating its funds to provide maximum support to regions most affected by calamities; through the donation to Spanish Red Cross. De la Torre also pointed out that their contribution aims at providing some support for those persons who are directly exposed to the most significant consequences of the flooding.

The search and rescue operations are on in Valencia, as the authorities try to find out more people who could be still trapped in the floods, including the car parking basement areas. 

Such continued operations will be enhanced by the $3 million donation from Binance enabling Valencia recover from the severe weather experience.