Binance, Hashkey and other crypto giants have pledged a total of HK$57 million ($7.3 million) in emergency aid following a fire that broke out at a residential tower in Tai Po, Hong Kong, earlier this week.
This funding will be used to provide critical support to district relief teams during the early stages of recovery.
Tai Po fire relief efforts
The Tai Po tragedy began on November 26 at Hong Kong’s Wang Fu Court and was classified as a Level 5 fire, the city’s most serious category. Authorities say it is the deadliest house fire in the region in more than a decade, claiming several lives and displacing dozens of families. At least 94 people are now confirmed dead and 76 injured, with nearly 300 still missing.
In response to the incident, major crypto companies organized a coordinated humanitarian response to support rescue efforts, provide assistance to affected populations, and contribute to reconstruction efforts. The department has committed a total of HK$57 million to the rescue scheme.
“We would like to express our deepest condolences to all the residents affected by Tai Po, pray for the repose of the souls of those who lost their lives, and pray for the strength of the living,” Binance said in a statement. In a separate announcement, HashKey added, “Our hearts go out to all those affected by the tragic Tai Po fire in Hong Kong, home to the core of the HashKey community.”
Binance, HashKey Group and Avenir Group each pledged HK$10 million, while KuCoin donated HK$2 million. Matrixport subsequently confirmed a donation of HK$3 million to support relief and recovery efforts for residents and frontline responders.
Bitget also shared that it will entrust funds to three reputable charities in Hong Kong and donate HK$12 million to help affected families and community reconstruction. Additionally, TRON partnered with HTX and jointly donated HK$10 million to support the ongoing rescue efforts.
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Crypto sector’s role in global emergency relief
This is not the first time crypto companies have teamed up in response to an emergency. The sector has a long history of stepping into such situations. For example, in 2023, several exchanges transferred more than $9 million to help Turkey and Syria after the earthquake. Binance also issued BNB airdrops to users in the worst-hit areas of Morocco.
The industry has also donated tens of millions of dollars to support Ukraine, including large grants from Ripple to organizations such as UNHCR and World Central Kitchen. The latest joint initiative is expected to help by giving local teams the liquidity they need to continue relief efforts.
