Binance CEO Richard Teng has refuted accusations that the crypto exchange indiscriminately froze the funds of all Palestinian users, a situation that has raised alarm within the cryptocurrency community.
Ray Youssef, the CEO of Noones and co-founder of Paxful, alleged that Binance had confiscated Palestinian funds upon the request of the Israel Defense Forces (IDF), which led to the emergence of these accusations.
Youssef claimed that Binance impeded access to these funds and warned that customers in Syria and Lebanon may soon face similar restrictions. Teng additionally presented a document demonstrating that Israeli officials instructed Binance’s activities under anti-terrorism legislation.
Teng specified that only a limited number of accounts associated with illicit activity were restricted and highlighted that Binance adheres to international legislation against money laundering. He articulated a longing for tranquility in the area.
Although Teng has attempted to provide reassurances, distrust continues to exist among crypto community members. Some users remain concerned that Binance may selectively target users in different countries and doubt the impartiality of the criteria employed to identify blocked accounts.
