Why did Binance establish the Blockchain Charity Foundation?
Binance is dedicated to spreading the freedom of money, and we believe everyone in the world, regardless of their social status or geographic location, should be entitled to possess this freedom. BCF was thus established to share this freedom with people who are usually inaccessible to formal social and financial services.
How is BCF different from traditional charity organizations and platforms?
BCF is the first known non-profit organization that enables charitable giving with cryptocurrency on its blockchain-enabled platform that provides transparent and immutable records of donations. Bearing a loving heart and entrepreneurial spirit, we work on the ground to understand the needs firsthand, and continue improving our approach in solving deep-rooted “last-mile” issues in the philanthropy sphere.
Who is the team behind BCF?
Our team has a diverse professional and cultural background, strong roots in social development and impact investing, as well as advantageous expertise in both technology and business. Led by Helen Hai, the United Nations Industrial Development Organization (UNIDO) Goodwill Ambassador and Young Global Leader of the World Economic Forum, BCF is determined to create practical and scalable solutions for various social problems.
What kind of currency does BCF accept for donations? Do you only accept cryptocurrency, and if so, which ones? Do you accept fiat?
BCF accepts both cryptocurrency and fiat with a preference for crypto. We currently accept BNB, ETH and BTC, with more cryptocurrencies to be supported in the near future. We also accept fiat donations. For example, TRON donated 3 million USD, which has been used for different projects and will be exchanged to cryptocurrency when needed.
Why can’t I see my name on the website after I make a donation?
Our system needs to check the transaction information submitted by donors to confirm the donation before displaying the details on our website. Therefore, the donor’s name won’t display immediately after the donation.
How will I know when my donation is distributed to the intended recipients?
Donation allocation will depend on the progress of our projects so there will be some time delay between your donation and distribution to end beneficiaries. For example, the distribution is made after the end beneficiaries be identified. Our system cannot send each donor a notice when the fund is distributed. However, we will upload all transactions on our website so donors can track the fund and the progress of each project.
How do donations reach end beneficiaries with 100% transparency?
We open cryptocurrency wallets for all end beneficiaries so that all the funds go directly to them instead of via institutions such as NGOs. The end beneficiaries will use cryptocurrency they received to redeem goods from local suppliers/retailers who are also granted with crypto wallets. All these transactions are recorded, so the public will see the entire flow on the blockchain.
Why it is necessary to open cryptocurrency accounts for end beneficiaries?
The reason that the funds go directly to end beneficiaries is to increase transparency and restrict the abuse of funds by any third parties. Additionally, the participation of the end beneficiaries enhances the awareness of their important role in this process and transaction, which means that they are not passively receiving the goods, and are instead empowered to decide on the use of funding by themselves.
How can the public track their donations?
For each project, we will show on our website every single donation we received and every allocation to our end beneficiaries. All the records include a TXID, an identification number for a cryptocurrency transaction, which allows people to confirm their donation information and verify the transaction on the blockchain.
What is “The Adjustment from Binance” on the transaction records?
The funds were supposed to go to the L-Istrina Campaign but were mistakenly sent to another internal wallet. We sent the funds back to the BCF wallet immediately. You can find the sent-back transaction named “Adjustment from BCF” in our donation record with the amount 15313.94 BNB on 19:08:31, Dec. 24th, 2018. The two same-amount transactions in and out have no impact on the total donation amount that will be allocated to end beneficiaries.
How does BCF protect and ensure legitimate identities of end beneficiaries?
Within the local jurisdictions we serve, we will authorize our local NGO partners to conduct due diligence. They collect the personal identification information from all the end beneficiaries, complete a strongly-governed KYC process and ensure the appropriate person is receiving the donation. We will also put the end beneficiaries’ desensitized information online for tracking and monitoring.
How does BCF select projects?
Our team performs rigorous due diligence to select projects and partner organizations to collaborate on the ground, ensuring that the social impact of each currency unit will be maximized. We encourage you to share your suggestions or nominate a cause. Please email to: firstname.lastname@example.org.
Does BCF have any geographical preference to launch projects and why are most of its campaigns in Africa?
BCF is focused on sustainable development across the globe. Given the great need for support in developing countries like Africa and BCF leadership’s experience with charities and initiatives in Africa, it was a natural progression to focus on this continent at the beginning.Additionally, we have a regulated fiat exchange in Uganda (Binance Uganda) that allows conversions from crypto to Uganda Shillings which make it easy for our beneficiaries to receive donations via cryptocurrency.BCF has no specific preference or restriction in terms of geographic presence as long as cryptocurrency is legislated in the country so we can carry out our mission in providing donations on the blockchain to our end beneficiaries.We welcome project proposals from all over the world.
How can we learn more about the impact of BCF's projects
For each project, we will establish a professional impact model and collect relevant impact data to track the social impact of all the donations. We will continuously improve our donation model and the process according to the impact results to help the most needed end beneficiaries with our donations. In the future, we will publish an impact report to the public for each of our projects.
Is it true that Binance will donate all of its listing fees to BCF?
Yes, as Binance CEO ‘CZ’ announced in October 2018, all of our exchange’s token listing fees will be donated to BCF and can be tracked on our website. The listing fees and its usage will also be open to the public on Binance’s website whenever there is a new listing.
How much is BCF’s operational costs?
BCF does not take a single penny from donations to its campaigns. All donations go directly to end beneficiaries and the entire donation process, including 8 to 10% of operational fees that are charged by local NGOs who help BCF facilitate the distribution and monitor the project. The salaries of the entire BCF staff, team travel expenditures and costs to operate the donation system are covered by Binance.
Are there public financial statements?
All of our cryptocurrency donations and allocation records since launching are disclosed on our website. BCF’s financial statements are being reviewed by an auditor and we will be submitting audited statements to the Malta Commissioner by August 31, 2019, adhering to Malta regulations. BCF’s financial statements will be available to the public as soon as the auditing is finished.
Does donating to BCF increase the probability of a company’s token listing on Binance?
Donating to BCF will not increase the probability of listing on Binance.
Where is BCF based and registered?
BCF is registered in Malta as a not-for-profit organization while we undertake projects on a worldwide basis.