Binance Crypto Donation Malta Grows to $37M but Unspent
A Binance crypto donation made to a Maltese charity in 2018, initially valued at $200,000, is now worth approximately $37 million but remains unclaimed and untouched in a designated wallet. The donation was intended to benefit terminally ill cancer patients in Malta.
Background
In 2018, Binance and its users contributed 30,644 BNB (Binance Coin) to the Malta Community Chest Fund (MCCF) through a charity campaign. At the time of the donation, the amount was worth about $200,000. The purpose of the gift was to support terminally ill cancer patients in Malta, according to Cointelegraph. However, due to the appreciation of BNB’s value over the years, the untouched donation is now estimated to be nearly $37 million.
The dormant status of these funds was highlighted in June 2024 by Conor Grogan, Coinbase’s head of product business operations, in a public X post. Grogan urged Maltese citizens to inform their government that the funds remain accessible. Despite this increase in value, the assets have not been distributed to beneficiaries as intended.
Dispute Over Fund Distribution
The delay in the disbursement of the Binance crypto donation Malta stems from a disagreement between Binance and the MCCF regarding transparency and recipient verification. Binance insists on transferring donations directly to verified end beneficiaries, citing a commitment to “the highest levels of transparency and efficiency.”
Following the original 2018 donation, the two entities faced further complications. In 2021, the MCCF threatened legal action against Binance for allegedly failing to file required accounts for several years. This was resolved when the accounts were located and the threat was withdrawn. “The documents were submitted in September 2020 and were found in an electronic folder. Any inconvenience is regretted,” a spokesperson for the fund told the Times of Malta, as cited by Cointelegraph.
Since then, communication between both parties has stalled. Binance has asked the charity to verify patient information and provide wallet addresses in order to facilitate the transfer, but the MCCF has declined, citing concerns over sharing sensitive information.
What’s Next for the Unspent Donation?
No public updates have been issued since Binance’s 2021 statements, when the company said it was awaiting the MCCF’s response to their proposal to disburse funds directly to recipients. As of June 2024, neither organization has commented further on the situation, and the funds remain untouched.
Advocates in the crypto community continue to call attention to the unspent assets, emphasizing the increasing potential impact of the donation due to BNB’s value surge. The situation highlights ongoing challenges in bringing transparency and efficiency to crypto philanthropy.
For more news and updates on cryptocurrency donations and philanthropy, visit Vizi’s cryptocurrency section.
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