Leading cryptocurrency exchanges and Web3 companies in the global digital market are stepping up to support the affected parties following the disastrous fire at the Hong Kong apartment complex, Wang Fuk Court, in the Tai Po District. The blaze, which started on Wednesday and raged for two days, engulfed seven high-rise buildings and resulted in […]Leading cryptocurrency exchanges and Web3 companies in the global digital market are stepping up to support the affected parties following the disastrous fire at the Hong Kong apartment complex, Wang Fuk Court, in the Tai Po District. The blaze, which started on Wednesday and raged for two days, engulfed seven high-rise buildings and resulted in […]

Crypto Firms Step Up to Support Hong Kong Fire Victims with Millions in Donations

2025/11/29 05:30
  • Crypto exchanges pledged over HK$24.78M to support victims of the deadly Hong Kong fire.
  • Bitget, Binance, and KuCoin led donations, while Animoca Brands launched a token-based fundraising campaign.
  • Additional support came from Tron’s Justin Sun and broader Web3 communities via EVM and Solana wallets.

Leading cryptocurrency exchanges and Web3 companies in the global digital market are stepping up to support the affected parties following the disastrous fire at the Hong Kong apartment complex, Wang Fuk Court, in the Tai Po District.

The blaze, which started on Wednesday and raged for two days, engulfed seven high-rise buildings and resulted in at least 128 deaths, making it the deadliest fire in Hong Kong in 80 years.

Web3 Community Supports Hong Kong

In a show of solidarity, the aggregate donation from the three big centralised crypto exchanges (CEXes) stands at HK$24.78 million, or approximately $3.19 million. Leading in the donation pledge stands Bitget at HK$11.8 million or $1.5 million, followed by Binance at HK$10 million or $1.28 million, and lastly, KuCoin at HK$2 million or $256,000.

Bitget CEO Gracy Chen posted on X, “We stand in support of Hong Kong and wish all affected residents a speedy recovery and reconstruction of homes, as our Bitget family cares about all people in HKSAR regardless of nationality!”

Animoca Brands, the Web3 firm, has started its own fundraising campaign using tokens, where cryptocurrency owners can contribute through Ethereum Virtual Machine wallets and Solana wallets.

The fundraising exercise will run until Dec. 2, and all collected funds will be converted to Hong Kong dollars and donated to the Hong Kong Red Cross by Dec. 3. So far, the EVM wallet has raised $171,000, while the Solana wallet has raised $1,500, according to Nansen.

image.pngSource: app.Nansen.ai

Tron Network founder Justin Sun has also pledged support, though he has not disclosed the amount.

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Crypto Donations as a Disaster Lifeline

The use of cryptocurrency has continued to increase in terms of relief efforts, especially where there are no banking services. In 2024, cryptocurrency donations surpassed $1 billion, much of which was directed at the earthquake victims in both Thailand and Myanmar.

In early April 2024, Binance co-founder Changpeng “CZ” Zhao contributed close to $600,000 to help those who were affected by the 7.7-magnitude earthquake in neighboring Thailand and Myanmar. In October 2024, Ethereum founder Vitalik Buterin donated above $180,000 in Ether to biotech charity Kanro.

The issue in the Hong Kong fire relief efforts demonstrates how the cryptocommunity can leverage digital currencies in order to offer rapid aid solutions in critical scenarios.

Also Read | Bitcoin Price Analysis: BTC Reclaims $91K as Price Targets $97,967 Next

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UK FCA Plans to Waive Some Rules for Crypto Companies: FT

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The post UK FCA Plans to Waive Some Rules for Crypto Companies: FT appeared on BitcoinEthereumNews.com. The U.K.’s Financial Conduct Authority (FCA) has plans to waive some of its rules for cryptocurrency companies, according to a Financial Times (FT) report on Wednesday. However, in another areas the FCA intends to tighten the rules where they pertain to industry-specific risks, such as cyber attacks. The financial watchdog wishes to adapt its existing rules for financial service companies to the unique nature of cryptoassets, the FT reported, citing a consultation paper published Wednesday. “You have to recognize that some of these things are very different,” David Geale, the FCA’s executive director for payments and digital finance, said in an interview, according to the report, adding that a “lift and drop” of existing traditional finance rules would not be effective with crypto. One such area that may be handled differently is the stipulation that a firm “must conduct its business with integrity” and “pay due regard to the interest of its customers and treat them fairly.” Crypto companies would be given less strict requirements than banks or investment platforms on rules concerning senior managers, systems and controls, as cryptocurrency firms “do not typically pose the same level of systemic risk,” the FCA said. Firms would also not have to offer customers a cooling off period due to the voltatile nature of crypto prices, nor would technology be classed as an outsourcing arrangement requiring extra risk management. This is because blockchain technology is often permissionless, meaning anyone can participate without the input of an intermediary. Other areas of crypto regulation remain undecided. The FCA has plans to fully integrate cryptocurrency into its regulatory framework from 2026. Source: https://www.coindesk.com/policy/2025/09/17/uk-fca-plans-to-waive-some-rules-for-crypto-companies-ft
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BitcoinEthereumNews2025/09/18 04:15