So far, the seismic disasters in Turkey and Syria have tragically resulted in over 2,100 fatalities, as rescue missions tirelessly continue and global communities step up to offer aid. Demonstrating a notable keenness to contribute, the international cryptocurrency sector has mobilized, with numerous platforms vowing to funnel assistance through digital currencies.
Major Crypto Exchanges Mobilizing Support
Leading crypto trading hubs such as Binance, Gate.io, and Bitfinex are actively exploring avenues to channel aid or have begun assembling relief packages. Bitget has already pledged a substantial 1 million Turkish Lira (approximately $53,000) for humanitarian relief, while Huobi Global has offered twice that amount — 2 million lira — underscoring a growing momentum within the space.
Crypto’s Humanitarian Track Record
Historically, crypto communities have been remarkably swift in responding to urgent humanitarian needs. For instance, following Russia’s invasion of Ukraine last year, millions of dollars in crypto donations flowed rapidly to support the affected population. Similarly, during India’s harrowing COVID-19 surge in 2021, significant crypto contributions provided critical assistance.
Snapshot of Crypto Donations to Global Crises:
- Ukraine War (2022): Estimated $60 million in crypto donations
- India COVID-19 Relief (2021): Tens of millions in cryptocurrencies raised
- Turkey-Syria Earthquake (2023): Early pledges exceeding several hundred thousand USD
Regulatory Hurdles and Calls for Official Wallets
Nonetheless, unlike straightforward bank transfers, crypto donations often face complications—especially where digital assets exist in legal limbo or face regulatory skepticism. This issue is particularly acute in Turkey, where a coalition of blockchain advocates and research organizations has crafted a petition urging officials to legitimize cryptocurrency donations.
Signatories—over 40 organizations as of now—are pressing Turkish authorities to establish “official crypto asset wallets” and disseminate these through formal channels. This approach mirrors Ukraine’s rapid deployment of public crypto wallets early in the conflict, effectively curbing fraudulent fundraising schemes.
Emerging Risks of Deceptive Fundraising
Concerns have already surfaced about dubious fundraising campaigns circulating on platforms like Telegram within Turkey, signaling the need for greater oversight and transparency to protect donors and beneficiaries alike.
Complexities Regarding Aid to Syria
Whether these crypto-driven relief endeavors will extend meaningfully to Syria remains uncertain, given the country’s entanglement in protracted conflict and strict economic sanctions imposed by the U.S., EU, and other major powers, which complicate financial flows.
Bitget’s Local Commitment
Bitget’s pledge of 1 million Turkish Lira demonstrates a firm commitment to supporting earthquake victims. Their local team operates relentlessly, coordinating logistics and offering assistance.
If you can assist with on-the-ground coordination, reach out to @bitgetturkey. Our dedicated squad is working nonstop to make a tangible difference.
— Bitget (@bitgetglobal), February 6, 2023
