Crypto firms commit HK$57 million in immediate relief after Hong Kong’s deadliest fire

Binance, HashKey, KuCoin, Bitget and TRON have collectively committed millions to help victims and rebuild communities

Binance, HashKey and other crypto giants have jointly pledged 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 money will be used to provide vital support to the district’s response teams in the early stages of recovery.

Tai Po firefighting

The Tai Po tragedy started at Wang Fuk Court in Hong Kong on November 26 and was classified as a Level 5 fire, the city’s most serious category. Authorities have described it as the deadliest house fire the area has seen in more than a decade, claiming several lives and displacing dozens of families. At least 94 deaths and 76 injuries have been confirmed, while nearly 300 remain missing.

In the aftermath of the incident, leading crypto companies have organized a coordinated humanitarian response to support rescue operations, provide support to affected residents and contribute to the reconstruction effort. In total, the sector has committed HK$57 million to relief plans.

“We extend our deepest condolences to all the affected residents of Tai Po, and pray that the deceased may rest in peace and that the living remain strong.” said Binance 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 HashKey community.”

Binance, HashKey Group and Avenir Group each committed HK$10 million, while KuCoin contributed HK$2 million. Matrix port later confirmed a HK$3 million donation to support relief and recovery efforts for residents and frontline responders.

Bitget also shared that it will make a contribution of HK$12 million to the affected families and community reconstruction, with the funds entrusted to three renowned charities in Hong Kong. In addition, TRON works jointly in collaboration with HTX donated HK$10 million to support the ongoing rescue initiative.

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The role of the crypto sector in global emergency response

This isn’t the first time crypto companies have come together to help in an emergency. The sector has proven in recent years that it can intervene in such situations. For example, in 2023, several exchanges sent more than $9 million to support Turkey and Syria after the earthquake. Binance has also issued BNB airdrops to users in Morocco’s hardest-hit regions.

The industry also contributed tens of millions to support Ukraine, including large grants from Ripple to groups like 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.