Binance launches $1.2 million flood relief in Taiwan as legal battle with FTX unfolds

Binance Charity has launched a relief initiative worth up to $1,200,000 in BNB to support users affected by extreme flooding in southern Taiwan.

The crypto exchange will provide direct assistance to Binance account holders living in the hardest-hit areas, including Changhua, Yunlin, Chiayi, Tainan, and Kaohsiung.

Distribution begins on August 14. Two waves of support will roll out based on users’ proof-of-address (POA) status, with the aim of assisting up to 30,000 eligible residents.

The move comes as Binance and its co-founder, Changpeng Zhao, face mounting legal challenges, including a $1.76 billion lawsuit filed by the FTX bankruptcy trust.

First round of $80 in BNB for users verified before August 7

Binance stated that account holders with verified addresses in the disaster zones, submitted prior to August 7, will receive $80 in BNB directly into their Binance wallets.

This initial tranche is targeted at users already residing in the flood-affected districts before the latest round of heavy rainfall.

The floods, triggered by torrential monsoon rains, have caused widespread disruption across Taiwan’s southern municipalities. Binance’s approach leverages on-chain data and user verification tools to streamline aid delivery.

Eligible users do not need to take further action apart from having previously submitted POA documentation by the specified cut-off.

Second round adds $30 in BNB for 15,000 newly verified users

A second round of support will follow for the first 15,000 Binance users who complete POA verification between August 7 and August 20.

Each of these users will receive $30 in BNB. Funds will begin to be disbursed alongside the first wave from August 14.

The donation initiative is part of Binance Charity’s ongoing disaster relief operations.

In the past, the organisation has supported recovery efforts following the Hualien earthquake in Taiwan, and extended help to disaster-hit regions in Turkey, Argentina, Thailand, Myanmar, and across Europe.

In 2023, Binance airdropped $100 in BNB to Turkish users affected by the earthquake.

Other crypto companies also pledged TRY 5 million ($265,550) in support at the time.

In April 2025, Binance’s former CEO, Changpeng Zhao, donated 1,000 BNB (worth around $598,025) to assist earthquake victims in Myanmar and Thailand.

CZ faces $1.76B FTX lawsuit amid charity efforts

While Binance accelerates flood relief in Taiwan, Zhao remains locked in a legal dispute with the FTX bankruptcy estate. Earlier this week, Zhao filed a motion to dismiss the $1.76 billion clawback suit brought against him by FTX.

Filed in late 2024, the lawsuit alleges that Binance received $1.76 billion through a 2021 share purchase agreement from a then-insolvent FTX. The claim states the transfer was fraudulent and seeks to recover the funds.

Zhao’s legal team argued that the Delaware court lacks jurisdiction, as he is a UAE resident and the deal has limited ties to US law.

They also maintained that the allegations fail to meet the requirements for constructive fraud under federal securities regulations.

Binance has continued to reject FTX’s claims as meritless, framing them as an effort to deflect responsibility from former FTX CEO Sam Bankman-Fried.

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