The charitable arm of Binance is facing scrutiny this week as there are millions of dollars worth of cryptocurrency seemingly unaccounted for, according to the charity’s website. While there are not yet suspicions of malicious intent on the part of Binance, there are questions as to when the promised funds will be donated to the causes they were intended to go to.
Last year, it was reported that Binance’s charitable foundation took in donations of over $13 million. However, it seems that only about $6 million has been donated back to the causes by Binance. When asked for clarity, a spokesperson for Binance stated that they are committed to donating the entire amount, but they issue donations on an as-needed basis.
The outspoken CEO of Binance, Changpeng Zhao, has been a leader in both blockchain technology and its many applications over the years as Binance becomes a global force in the technology sector. However, Binance has lost some of its luster with a $40 million exchange hack that rattled the community.
For now, it appears as though the community has accepted the explanation from the Bitcoin charity foundation for how the donated funds will be spent and Binance continues to do global work around the world. One such example is the exchange’s partnership with Pink Care, an organization that helps young women become empowered and have the resources necessary to stay in school.
The charity wing of Binance will likely be closely watched by both regulators and philanthropists as they strive to achieve their goal of 100% transparency and helping to remedy underserved issues around the globe.