Key Takeaways:
- Binance CEO Richard Teng dismissed claims that the exchange froze all Palestinian assets, labeling them as “FUD.”
- The accusations came from NoOnes CEO Ray Youssef, who linked the action to Israeli military influence, but Teng clarified that only accounts tied to illicit activities were blocked.
- Israel has seized multiple Binance accounts associated with terrorism, particularly following the October 2023 Hamas attack.
Binance CEO Richard Teng has denied allegations that the cryptocurrency exchange froze all assets belonging to Palestinians, calling the claims “FUD” (fear, uncertainty, and doubt).
The accusations were made by Ray Youssef, CEO of the bitcoin trading platform NoOnes, who suggested that the action was taken at the request of the Israeli armed forces.
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.
— Richard Teng (@_RichardTeng) August 28, 2024
As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other…
Teng clarified that only a limited number of user accounts linked to illicit funds were blocked, in compliance with international anti-money laundering regulations.
The controversy arose after Youssef shared a letter from Israel’s National Bureau for Counter Terror Financing, rejecting an appeal against a seizure order related to funds transferred from Gaza.
Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.
— Ray Youssef (@ray_noOnes) August 26, 2024
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
The letter did not specify the recipient of the funds.
Israel has reportedly seized numerous Binance accounts linked to terrorists, particularly following the October 2023 Hamas attack, which resulted in further account freezes.
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