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Binance Pushes Back Against Accusations of Freezing Palestinian Accounts: Report

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Binance CEO Richard Teng has firmly denied recent allegations that the crypto exchange froze all Palestinian accounts at the behest of Israeli authorities, as reported by Coindesk. Teng labeled these accusations as “FUD” (fear, uncertainty, and doubt), clarifying that Binance’s actions were limited to blocking accounts associated with illicit activities.

Context of the Allegations

The controversy stems from a social media post by Ray Youssef, CEO of NoOnes, who claimed that Binance had seized funds from all Palestinian users. Youssef supported his claim with a letter from Israel’s National Bureau for Counter-Terror Financing. The letter, dated November 2023, upheld a seizure order involving funds from the Dubai Exchange Company in Gaza, which Israel has classified as a terror organization. However, the letter did not specify which accounts were affected.

The broader context includes ongoing geopolitical tensions and the involvement of cryptocurrencies by various entities, including terrorist organizations. Since 2021, the Israeli government has reported the seizure of 190 Binance accounts linked to terrorism. Additionally, U.S. sanctions have targeted businesses providing financial services to Hamas, further complicating the situation. Globally, regulators are increasingly focusing on the use of cryptocurrencies in terror financing, with Singapore noting a rise in such activities despite traditional methods still being predominant.

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Clarification on Account Freezes

In response to Youssef’s claims, Teng clarified that only a small number of accounts, specifically those linked to suspicious activities, were restricted. He emphasized that Binance, like other financial institutions, must comply with global anti-money laundering regulations, which require actions against accounts involved in illicit financial activities. Teng stressed that these actions are standard compliance measures and do not represent a blanket freeze on all Palestinian accounts.

Binance’s Broader Operations

Amid these allegations, Binance is also making strategic moves in other areas. The company recently announced that it is finalizing the sale of its majority stake in the South Korean crypto exchange Gopax to the cloud service provider Megazone. This decision is critical for Gopax, one of South Korea’s top five won exchanges, as it faces potential delisting if governance issues are not resolved.

These developments highlight the challenges and responsibilities faced by global cryptocurrency exchanges like Binance as they navigate complex regulatory landscapes and geopolitical pressures.

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Source: financemagnates.com

The post Binance Pushes Back Against Accusations of Freezing Palestinian Accounts: Report appeared first on HIPTHER Alerts.

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Trident Reports First Half 2024 Unaudited Financial Results

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CoreNest Capital, Sologenic’s VC partner, invests in Texture, a U.S.-based broker-dealer, to launch SoloTex, a new platform for trading tokenized equities

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Sologenic + Texture = SoloTexAs a result of a strategic partnership between the Sologenic Development Foundation and Texture Capital Inc., a FINRA—and SEC-licensed broker-dealer, SoloTex aims to be the ultimate gateway to tokenizing and trading capital markets on demand.This innovative approach leverages tokenization to introduce features like enhanced liquidity, fractional ownership, and quicker settlement processes, offering a more efficient way to manage and exchange assets.Join the waitlist at SoloTex.com to learn more.

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Bybit Strengthens Partnerships and Explores Islamic Finance Innovation at Exclusive Forum

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