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.

Also Read | Bitcoin Recovery Signals: Binance Sees Record $7.5 Billion Whale Deposits

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

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

SEC Backs Nasdaq, CBOE, NYSE Push to Simplify Crypto ETF Rules

SEC Backs Nasdaq, CBOE, NYSE Push to Simplify Crypto ETF Rules

The US SEC on Wednesday approved new listing rules for major exchanges, paving the way for a surge of crypto spot exchange-traded funds. On Wednesday, the regulator voted to let Nasdaq, Cboe BZX and NYSE Arca adopt generic listing standards for commodity-based trust shares. The decision clears the final hurdle for asset managers seeking to launch spot ETFs tied to cryptocurrencies beyond Bitcoin and Ether. In July, the SEC outlined how exchanges could bring new products to market under the framework. Asset managers and exchanges must now meet specific criteria, but will no longer need to undergo drawn-out case-by-case reviews. Solana And XRP Funds Seen to Be First In Line Under the new system, the time from filing to launch can shrink to as little as 75 days, compared with up to 240 days or more under the old rules. “This is the crypto ETP framework we’ve been waiting for,” Bloomberg research analyst James Seyffart said on X, predicting a wave of new products in the coming months. The first filings likely to benefit are those tracking Solana and XRP, both of which have sat in limbo for more than a year. SEC Chair Paul Atkins said the approval reflects a commitment to reduce barriers and foster innovation while maintaining investor protections. The move comes under the administration of President Donald Trump, which has signaled strong support for digital assets after years of hesitation during the Biden era. New Standards Replace Lengthy Reviews And Repeated Denials Until now, the commission reviewed each application separately, requiring one filing from the exchange and another from the asset manager. This dual process often dragged on for months and led to repeated denials. Even Bitcoin spot ETFs, finally approved in Jan. 2024, arrived only after years of resistance and a legal battle with Grayscale. According to Bloomberg ETF analyst Eric Balchunas, the streamlined rules could apply to any cryptocurrency with at least six months of futures trading on the Coinbase Derivatives Exchange. That means more than a dozen tokens may now qualify for listing, potentially unleashing a new wave of altcoin ETFs. SEC Clears Grayscale Large Cap Fund Tracking CoinDesk 5 Index The SEC also approved the Grayscale Digital Large Cap Fund, which tracks the CoinDesk 5 Index, including Bitcoin, Ether, XRP, Solana and Cardano. Alongside this, it cleared the launch of options linked to the Cboe Bitcoin US ETF Index and its mini contract, broadening the set of crypto-linked derivatives on regulated US markets. Analysts say the shift shows how far US policy has moved. Where once regulators resisted digital assets, the latest changes show a growing willingness to bring them into the mainstream financial system under established safeguards
Share
CryptoNews2025/09/18 12:40