BINANCE’S ALLEGED SEIZURE OF PALESTINIAN CRYPTO FUNDS SPARKS FURY

Wed 28 August 2024:

Cryptocurrency giant, Binance, has been accused of seizing funds from Palestinian users at the request of the Israel Defence Forces (IDF), Anadolu Agency reports.

Ray Youssef, CEO of the Bitcoin marketplace platform, Noonesapp, made the allegation on the social media platform 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 response to the accusations, a Binance spokesperson told Anadolu that the claims were inaccurate. The spokesperson clarified that only a limited number of user accounts, which were linked to “illicit funds”, were impacted and prevented from transacting. However, Binance did not specify the extent or value of the “illicit funds” involved.

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“As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution,” Binance added.

The situation comes amid the ongoing conflict in Gaza, where, according to local health authorities, more than 40,500 Palestinians have been killed, and over 92,700 others injured. The Israeli war, now more than ten months in, has left large areas of Gaza in ruins under a severe blockade that has restricted access to food, clean water and medicine.

Israel is accused of genocide at the International Court of Justice, whose latest ruling ordered it to immediately halt its military operation in the southern city of Rafah, where more than 1 million Palestinians had sought refuge from the war before it was invaded on 6 May.

-MEMO

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