At Binance, we believe in the power of blockchain technology for social good. From philanthropy to financial inclusion, this emerging industry is creating new opportunities for people around the world.
In 2018, we created Binance Charity Foundation (BCF), the industry’s first transparent blockchain-based charity foundation. Binance Charity has so far distributed more than $15M in donations from 2,300+ donors to 20+ projects for health, education, sustainability and other causes, reaching more than 1 million end beneficiaries as of 2021.
As part of our ongoing efforts to improve the lives of people around the world, Binance Charity is committed to achieving 100% transparency in philanthropy and ensuring that 100% of all donations are distributed directly to the hands of those in need. As such, and in light of recent published articles that question our commitment to doing good, we would like to take this opportunity to clarify some misconceptions.
In 2018, the Blockchain Charity Foundation (BCF) and the Malta Community Chest Fund (MCCF) entered into a memorandum of understanding to raise funds for patients suffering with terminal cancer. BCF agreed to do this on the clear understanding that all donations made would be released transparently to the end beneficiaries proposed by the MCCF. This is the underlying principle BCF has adopted with all its project partners and a fundamental value of its charitable programmes.
Regrettably, when the MCCF submitted its requests for donations to the BCF, it did not adhere to the terms of the MOU and was unable to provide us with the end-beneficiaries' crypto wallet addresses to proceed with the transfer of donations. Without these addresses, BCF was unable to ensure those donations would reach the end beneficiaries.
We have been having on-going discussions with the MCCF to resolve this issue amicably. We wish to cooperate to find mutually beneficial ways to achieve our common goals of benefitting Maltese patients but we must do this based on our agreement to ensure clarity and transparency. Since the beginning of 2021, we have engaged with MCCF in proposing workable solutions to resolve the issue that would ensure transparency in the use of donations. We believed we were close to agreement and we are still waiting to hear back from the MCCF on what we hope to be final proposals.
The health and well-being of people is at the heart of the work we do at both of our organisatons and we remain hopefully that we can find a mutually beneficial way to agree on a path forward. It is also our responsibility to our donors to ensure transparency in transferring any donations we make under the MOU.
The 30,644 BNB donated to the fund, of which Binance made a significant contribution, has appreciated in value from approximately $200,000 USD in 2018 to ~$9M USD by July 2021. The assets are sitting safely and transparently on-chain at this address awaiting a final agreement between the parties: 0x480234599362dc7a76cd99d09738a626f6d77e5f.
Due to the price appreciation of these crypto assets, these funds are now able to help even more people in need. This dedicated fund will always belong to the citizens of Malta. Binance has every intention of fulfilling our charitable obligations, and we are eager to work closely with Malta and the MCCF to come to a resolution and deliver these crypto donations to the hands of the people who need it the most.
We sincerely appreciate all of our donors, partners, users and communities, for working collaboratively with us to make an impact. Please reach out to us at [email protected] if you would like to work with us or have any questions.