In a compassionate response to the recent flooding disaster in Libya, crypto exchange Binance announced on Tuesday an airdrop of its (CRYPTO: BNB) tokens worth up to $500,000 to support affected residents.

Each Binance user in Libya who has completed the Proof of Address (POA) will receive a BNB equivalent to USD $100.

As the crypto industry continues to evolve and demonstrate its potential for social good, events like Benzinga's Future of Digital Assets conference on Nov. 14 become increasingly significant. The conference, which will discuss the broader implications and future of digital assets, is expected to highlight such philanthropic initiatives, emphasizing the role of cryptocurrency in disaster relief.

The identification process for the beneficiaries will be based on the POA completed before Sept. 11, 2023.

Those who have successfully completed the POA by this date will receive the promised $100 in BNB directly into their Binance accounts.

Additionally, users who complete the POA between Sept. 11 and 30 will be eligible for a $25 BNB donation.

Moreover, all active transacting users in Libya will be granted an additional $10 in BNB.

The fund distribution is set to commence on Sept. 13.

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While acknowledging the limitations of the POA method, Binance emphasized its commitment to assisting approximately 13,000 users directly through this initiative.

The aftermath of natural disasters often sees victims losing access to conventional banking services, precisely when they need financial assistance the most.

Cryptocurrency transfers, with their swift, cost-effective and transparent nature are emerging as a viable solution to deliver aid in such situations.

Binance Charity has also initiated a public donation drive, allowing global supporters to contribute.

Donations can be made in various cryptocurrencies, including BNB, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), USD Coin (CRYPTO: USDC), Tether (CRYPTO: USDT) and Binance USD (CRYPTO: BUSD).

Binance has pledged to forward all collected funds to a soon-to-be-named authorized NGO to further assist the affected communities.

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Photo: Image of Sept. 11, 2023 floods via Shutterstock