Binance, HashKey, and other crypto giants have pledged a combined HK$57 million ($7.3 million) in emergency aid following a fire that broke out in a residential tower in Hong Kong’s Tai Po earlier this week.
The funds will be used to provide the district’s relief teams with essential support in the early stages of recovery.
Tai Po Fire Relief Response
The Tai Po tragedy began on November 26 at Wang Fuk Court in Hong Kong and was classified as a Level 5 fire, the city’s most severe category. Authorities have described it as the deadliest residential blaze the area has seen in more than a decade, claiming several lives and displacing dozens of families. At present, at least 94 people have been confirmed dead and 76 injured, with nearly 300 still missing.
In the aftermath of the incident, leading crypto companies have organized a coordinated humanitarian response to assist rescue operations, provide support to affected residents, and contribute to rebuilding efforts. In total, the sector has committed HK$57 million to relief plans.
“We extend our deepest condolences to all residents affected in Tai Po, and pray that the deceased rest in peace and the living remain strong,” Binance said in a statement. In a separate announcement, HashKey added, “Our hearts are with all those affected by the tragic Tai Po fire in Hong Kong, a city that is home to the core of the HashKey community.”
Binance, HashKey Group, and Avenir Group each pledged HK$10 million, while KuCoin contributed HK$2 million. Matrixport later confirmed a donation of HK$3 million to support relief and recovery efforts for residents and frontline responders.
Bitget also shared that it will make a HK$12 million contribution towards affected families and community reconstruction, with the funds entrusted to three reputable Hong Kong charitable organizations. Additionally, TRON, in partnership with HTX, jointly donated HK$10 million to aid the ongoing rescue initiative.
Crypto Sector’s Role in Global Emergency Relief
This isn’t the first time crypto firms have come together to aid in an emergency. The sector has a track record of stepping in such situations over the years. For example, in 2023, several exchanges sent more than $9 million to support Turkey and Syria after the earthquake. Binance also issued BNB airdrops to users in the hardest-hit regions of Morocco.
The industry also contributed tens of millions to support Ukraine, including major grants from Ripple to groups such as UNHCR and World Central Kitchen. The latest combined initiative is expected to help by giving local teams the liquidity they need to keep relief operations running.