$200,000 Binance Donation to Malta Remains Unclaimed, Now Worth $39 M

By
Ritu Lavania
-
$200,000 Binance Donation to Malta Remains Unclaimed, Now Worth $39 M

Key highlights:

  1. Binance’s 2018 $200,000 crypto donation to Malta cancer patients remains unclaimed, now worth $39 million.
  2. The revelation revived scrutiny over Binance’s unpaid charity pledges and legal disputes in Malta.
  3. Settlement talks continue as the case highlights Binance’s regulatory and reputational troubles.

A 2018 cryptocurrency donation from Binance and its users to help cancer patients in Malta has resurfaced, and it’s now worth around $39 million.

Binance’s Donation to Malta Turned Into a Political Saga

Coinbase director Conor Grogan reportedly revealed the funds, originally valued at $200,000 in Binance Coin (BNB), were never withdrawn from the wallet kept for the Malta Funds for Terminal Cancer Patients. Due to the dramatic rise in BNB’s price over the years, the untouched funds have grown immensely.

Grogan posted, “The funds donated by Binance and crypto users remain unclaimed and are now worth $39 million. Malta citizens should let their government know these funds are still accessible.” He added that the last update about the funds was in 2021, when a lawsuit over their transfer was dropped, confirming that the donations had been located and were available for use.

According to Grogan, the proceeds could “cover the salary gap for local medical specialists.” Yet, years later, the funds sit idle.

The revelation reignites scrutiny around Binance’s charity efforts in Malta. In 2018, the exchange pledged $200,000 in BNB to the Malta Community Chest Fund (MCCF) through its Blockchain Charity Foundation (BCF). This was during Malta’s brief but ambitious push to brand itself as “Blockchain Island,” which was hoping to attract major crypto players with friendly legislation.

But, the optimism didn’t last. In subsequent years, the Maltese President’s charitable organization accused Binance of failing to honor over $8 million in total promised donations. These funds were meant to support cancer patients and people with disabilities. The MCCF took legal action against Binance, alleging the exchange’s foundation had not transferred the pledged cryptocurrency despite repeated requests.

Court documents revealed that Binance’s foundation, led by UN goodwill ambassador Helen Hai, attempted to end the donation agreement unilaterally. The charity also sought a warning to stop Binance from liquidating its Maltese foundation and moving assets to the US, claiming it was an attempt to avoid jurisdiction.

“[Binance’s Blockchain Charity Foundation] is trying not only to renege on the agreement and escape its obligations, but it is also attempting to relocate its assets outside Malta,” the MCCF alleged.

Binance denied any wrongdoing. Its legal representatives said the Maltese foundation was being wound down to consolidate charitable operations in the US, reducing administrative costs. They claimed the firm still wanted to fulfill its commitments.

The controversy came to light amid growing regulatory scrutiny of Binance worldwide. Authorities in the UK, Italy, and Japan issued warnings that the exchange was operating without proper licensing. Malta, once a crypto-friendly hub, was among the first to flag Binance’s lack of authorization back in 2020.

The episode also cast a shadow over Malta’s own crypto experiment. The nation had touted itself as a haven for blockchain innovation, but after high-profile scandals( including the assassination of journalist Daphne Caruana Galizia, who was probing government corruption), Malta faced international criticism. The country was later greylisted by the Financial Action Task Force (FATF) and labeled high-risk for money laundering by the UK.

Some critics said Binance’s donation campaign in Malta was part of a wider PR effort to establish its image as a responsible corporate citizen and for seeking local licenses that ultimately never materialized. “It was most certainly part of a PR drive,” Maltese blogger Bug M told a media outlet, “but in reality, they never actually applied for a license.”

Today, even though court filings suggest settlement discussions are going on, the revelation of the unclaimed funds has reopened a can of worms.

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Ritu LavaniaRitu Lavania
Ritu Lavania
Ritu Lavania is a dedicated Web3 content creator with over 3+ years of experience in the crypto space. She is part of the team at CryptoMoonPress, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, and cross-functional collaboration, she creates content tailored to diverse audiences. Passionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.