Binance Israel Denies Seizing Palestinian Funds Amid IDF Accusations
Binance Israel spokesperson denied claims about seizing funds from Palestinian users upon the request of the Israel Defense Forces (IDF).
Response to accusations
A Binance Spokesperson told Turkish Magazine Anadolu, that the claims about seizing funds from Palestinian users were inaccurate. He said that the seizing funds process was only applied to a limited number of user accounts, which were related to “illegal funds”, were impacted and restricted from transacting.
Binance Israel did not specify the value of the illegal funds that were involved in this act. “As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution,” Binance added.
The Binance company also claimed that there are certain rules and regulations accordingly with the international anti-money laundering regulations that they abide, and these regulations are specified to prevent the misuse of the Binance account for illegal activities.
Accusation Timing Amid the Gaza War
The Binance Israel accusations emerge amid the ongoing war in Gaza, where thousands of civilians are killed and thousands more are injured, despite the hard economic crisis they are passing through, they lost their places and their money to live, leaving residents struggling under a severe blockade that has severely limited access to life essentials, like food, clean water, and medical supplies.
CEO of the Bitcoin marketplace platform Noonesapp, Ray Youssef, made an accusation on X stating, “Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.”
In addition, Israel faces criticism and accusations of genocide at the International Court of Justice, which has called for a ceasefire to military operations in the southern city of Rafah. According to statistics, over one Million Palestinians had become refuges in their own cities.
The Binance Israel accusation shed more light on the State of Israel being the villain again, for seizing funds for some Palestinians who run out of options to gain money and survive, and this also showed that Israel Is not only fighting Palestinian Physically, but they are also opening a technological war against them.
How it All Started
Back in May, Binance Israel has seized around 190 crypto accounts at crypto exchange Binance since 2021. Their excuse is that some accounts were linked to the Islamic state and dozens of others were owned by Palestinian firms connected to the Islamic Hamas Group and it is permitted under Israel’s law to seize any illegal act that is related terrorism.
The exchange has been “working closely with international counter-terrorism authorities” on the seizures, Binance said. “With regard to the specific organizations mentioned in the article, it’s important to clarify that bad actors don’t register accounts under the names of their criminal enterprises,” it said.
Final Thoughts
The allegations against Binance Israel, highlight the complex relation of cryptocurrency, regulatory compliance, and geopolitical tensions. How Binance will address this matter and prevent such claims in future tell so much about the company, especially after Binance’s Spokesperson said, “We adhere strictly to international anti-money laundering regulations and take such allegations seriously.”
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