Binance is launching a crypto payments card for Ukrainians fleeing their country during Russia's invasion

• Binance on Tuesday introduced a card for the exchange's users from Ukraine who've fled Russia's invasion.
• The Binance Refugee Crypto Card can be used to make or receive crypto payments and for purchases at certain retailers in the European Economic Area.

Cryptocurrency exchange Binance said Tuesday it has` launched a card for users from Ukraine who have fled their country because of Russia's invasion, saying blockchain-based currency is an efficient vehicle for meeting emergency financial needs.

The free Binance Refugee Crypto Card is for all current and new Binance users from Ukraine who've been forced to move to European Environment Agency countries because of the war launched by Russia in late February. The EEA has 32 member countries and is an agency of the European Union.

Displaced Ukrainians can use the card to make or receive crypto payments and make purchases at EEA retailers that accept card payments, the world's largest cryptocurrency exchange said in a statement.

"At such a difficult time for Ukraine, it's clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs," Helen Hai, head of Binance Charity, said in the statement. New Binance users must complete an application in accordance with so-called Know Your Customer guidelines.

More than 5 million people have left Ukraine in search of safety from Russia's invasion, according to the United Nations High Commissioner for Refugees. Russia in its war against the former Soviet republic has bombed the capital city Kyiv and the coastal cities of Mariupol and Odesa, among other areas.

The Binance Charity donation platform is working with non-profit organizations to provide crypto-based cash assistance through the card that will allow relatives or acquaintances to transfer crypto to the cards and Binance wallets.

Refugees who are verified by local non-profit organizations and have applied for the card will receive 75 Binance USD cryptocurrency, the equivalent value of $75, each month for three months. The BUSD cryptocurrency will be converted to local currency automatically during the card payment, the exchange said.

Binance last week said it would limit services in Russia to comply with the EU's sanctions against Moscow over the invasion of Ukraine. The bloc capped Russian payments to EU crypto wallets at 10,000 euros ($10,700), a move to prevent wealthier Russians from working around financial sanctions put in place after Russia invaded Ukraine.