$200K Binance Donation to Malta Charity Now Worth $37M
A Binance crypto donation to a Maltese cancer charity has grown to $37M but remains frozen due to verification issues.
- Binance donated $200K in crypto to a Maltese cancer charity in 2018.
- The donation has grown to $37 million in value over time.
- Funds remain frozen amid a verification dispute between parties.
Back in 2018, Binance, the world’s largest cryptocurrency exchange, made a generous donation of $200,000 in crypto to a cancer charity in Malta. At the time, the donation was seen as part of Binance’s broader mission to support social impact through blockchain. However, due to the volatile nature of crypto markets — and Bitcoin’s meteoric rise — that initial gift has now ballooned into an astonishing $37 million.
This transformation from a six-figure donation to an eight-figure fund is a rare example of crypto philanthropy turning into a potential fortune for a charitable cause. Yet, instead of being celebrated, the funds are currently locked away and inaccessible due to a verification dispute.
Verification Dispute Freezes Massive Charity Fund
The heart of the issue lies in compliance and verification processes. Reports suggest that the Maltese cancer charity has not been able to pass Binance’s verification procedures. Whether due to outdated documents, internal charity issues, or changes in legal structures since the donation, the result is the same: the wallet holding the donation remains frozen.
Despite several attempts to resolve the situation, no clear resolution has been reached, leaving millions of dollars worth of crypto sitting idle. For the charity, this isn’t just a missed opportunity — it’s a critical setback in a sector where every dollar counts.
A Cautionary Tale for Crypto Philanthropy
This incident shines a light on the challenges of large-scale crypto donations. While digital assets can grow in value rapidly, they also come with complexities, including KYC (Know Your Customer) requirements, custodial access, and regulatory hurdles.
Both donors and recipients need to ensure that all legal, technical, and compliance matters are addressed before funds are transferred. In this case, a potentially life-changing donation for countless cancer patients is instead tied up in bureaucratic knots.
Binance has yet to issue a new public statement on the matter, but the situation raises questions about how the crypto industry can better manage charitable contributions to avoid such costly standstills in the future.
