Reports: Binance Restricts Some Palestinian Accounts
Ray Youssef, CEO of the P2P marketplace NoOnes, claimed that the cryptocurrency exchange Binance allegedly seized all funds from Palestinian clients at the request of the Israel Defense Forces. Media reports indicate that the restriction affected only a portion of the accounts.
Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.
Your funds are SAFU at @noonesapp tho.
In accordance with the authority delegated to me by the Minister of Defense, according to Section 61(a)… pic.twitter.com/RYlsFmlh2i
— Ray Youssef (@ray_noOnes) August 26, 2024
Youssef refers to a document signed by an Israeli Ministry of Defense official. The situation discussed involves the administrative arrest of cryptocurrency wallets belonging to a user due to funds received from Dubai Exchange in the Gaza Strip, which is recognized as a terrorist entity in Israel.
“The mentioned cryptocurrency wallets represent property directly used for committing a serious terrorist crime. The law allows the Minister of Defense to order their administrative arrest in preparation for confiscation,” the document states.
Youssef claims that the exchange refuses to return the assets, and all appeals have been denied.
According to journalist Colin Wu, Binance blocked only a small number of user accounts associated with illicit funds.
Binance CEO Richard Teng confirmed that the situation affected a limited number of clients involved in illegal transactions. He described all other claims on the matter as FUD.
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.
As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other…
— Richard Teng (@_RichardTeng) August 28, 2024
“As a global crypto exchange, Binance complies with international anti-money laundering legislation. We will continue to educate users on how to transact safely and securely on our platform. Most importantly, we hope for lasting peace throughout the region,” Teng wrote on X.
Back in February 2024, a U.S. citizen held hostage by Hamas and the relatives of two men killed in an attack on Israel filed a lawsuit against Binance.
They allege that the exchange indirectly supported and sponsored violent actions by allowing terrorists to trade on its platform.
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