Amid Scrutiny, Crypto Giants Pour $32M into Hong Kong Fire Relief

Binance has donated HK$10 million ($1.29 million) to support relief efforts for victims of the deadly fire in Hong Kong's Tai Po district, marking one of the cryptocurrency industry's largest contributions to date in a disaster response. The donation, channeled through Binance Charity to the Hong Kong Community Chest, follows a catastrophic blaze that engulfed the Wang Fuk Court apartment complex on November 26–28, 2025, killing at least 128 residents and displacing hundreds more. The incident, described as Hong Kong's worst fire in decades, has prompted widespread condemnation and calls for improved building safety standards, particularly regarding the use of bamboo scaffolding, which is suspected to have contributed to the rapid spread of the flames.

The fintech sector's response has been swift and substantial. Alongside Binance, other major crypto players have pledged significant funds. HashKey Group, Avenir Group, and OKX each contributed HK$10 million, while KuCoin added HK$2 million, bringing the total industry relief effort to HK$32 million. Bitget, another leading exchange, announced a HK$1.5 million donation, with CEO Gracy Chen emphasizing the firm's commitment to "rebuilding homes and supporting the community". The collective action underscores the crypto industry's growing role in humanitarian aid, leveraging its global reach and digital infrastructure to mobilize resources rapidly.

Regulatory and public sentiment in Hong Kong appear to support such initiatives. Binance's donation aligns with the exchange's recent regulatory alignment with the Hong Kong Securities and Futures Commission (SFC), which has been fostering a more favorable environment for crypto firms. The SFC's endorsement of Binance's licensing application in October 2025 adds a layer of legitimacy to the exchange's philanthropy, potentially enhancing its corporate reputation in the region.

The disaster has also drawn attention to the vulnerabilities of Hong Kong's aging infrastructure. The Tai Po fire, which spread to seven high-rise buildings, has reignited debates over construction practices, particularly the continued use of bamboo scaffolding in renovation projects. While the government announced plans to phase out bamboo scaffolding for public works earlier this year, the tragedy highlights the urgency of broader safety reforms.

Industry observers note that crypto firms' disaster relief efforts are not new. Binance, for instance, has a history of large-scale donations, including $9 million in aid for victims of the 2023 earthquakes in Turkey and Syria. The company's founder, Changpeng "CZ" Zhao, reiterated this commitment in a statement, calling the Tai Po donation a "tangible step toward recovery". Meanwhile, Web3 projects like Animoca Brands have adopted innovative fundraising methods, such as token-based campaigns to engage the crypto community in relief efforts.

The Tai Po fire has also prompted broader corporate contributions. Non-crypto firms like Ant Group and Tencent pledged HK$30 million each, reflecting a wider societal response to the crisis. However, the speed and scale of crypto industry donations have positioned the sector as a key player in emergency relief, with experts suggesting this could enhance its public image amid ongoing regulatory scrutiny.

As recovery efforts continue, the focus remains on the victims. The donated funds will be used for immediate rescue operations, temporary housing, and long-term reconstruction. For Binance and its peers, the response to the Tai Po fire not only provides critical aid but also reinforces the industry's narrative as a socially responsible force capable of rapid, large-scale action in times of crisis.