The cryptocurrency exchange Binance has garnered significant attention following online reports suggesting that the platform had implemented a widespread freeze on the crypto assets associated with all Palestinian wallets.
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This development has sparked apprehension among users and the broader cryptocurrency community, leading to criticism of the purported action. In response to the ensuing backlash, the exchange’s CEO, Richard Teng, has refuted the claims, asserting that the narrative is inaccurate.
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Binance has been charged with the widespread freezing of funds belonging to Palestinians
This week, various online reports surfaced claiming that Binance, the leading cryptocurrency exchange by trading volume, has implemented a mass freeze on the assets belonging to its Palestinian users. The assertion, made by Ray Youssef, the CEO of Noones and co-founder of Paxful, indicated that the exchange has effectively “seized all funds from all Palestinians” at the behest of the Israel Defense Forces (IDF).
Youssef stated that this information was derived from “several sources” and further alleged that all requests for the return of these funds have been systematically denied. He expressed concern that the actions taken by Binance may foreshadow similar repercussions for users from Syria and Lebanon in the near future.
Additionally, he provided a document that was purportedly utilized by Binance in addressing the appeals. This letter, endorsed by Paul Landes, the Chief of the National Bureau for Counter Terror Financing (NBCTF), grants Israel’s Minister of Defense the authority to implement a “temporary seizure of property belonging to a designated terrorist organization,” which encompasses cryptocurrencies.
Under the provisions of the anti-terrorism legislation, any cryptocurrency that has been transferred by a recognized terrorist organization is classified as the property of that organization. Furthermore, the cryptocurrency wallets receiving such transfers are deemed to be assets that were directly utilized in the commission of significant terrorist activities, specifically in relation to offering services or implementing measures for the terrorist organization, as outlined in the Law on Combating Terrorism. Consequently, the law empowers the Minister of Defense to issue an administrative order for the seizure of these assets in anticipation of their eventual confiscation.
Youssef disclosed that the exchange appeared to request Palestinians seeking assistance to reach out via an email associated with the Israeli government. According to the CEO, “Israel is exerting significant pressure on Binance and other exchanges to comprehensively confiscate the assets of ALL Palestinians.”
Richard Teng discusses the contentious initiative.
The cryptocurrency community swiftly responded to the announcement, condemning the exchange for actions deemed contrary to the fundamental principles of blockchain and cryptocurrency. Numerous individuals voiced their dissatisfaction with centralized exchanges (CEXes), accusing them of prioritizing their own interests and advising investors to protect their assets from these platforms.
In the face of this criticism, the CEO of Binance took the opportunity to clarify the matter. Teng refuted the allegations, labeling them as FUD (Fear, Uncertainty, and Doubt), asserting that only a small number of user accounts associated with illicit activities had been restricted from conducting transactions.
The Chief Executive Officer clarified that the assertions regarding the freezing of funds belonging to all Palestinian users are inaccurate, underscoring that the exchange adheres to globally recognized anti-money laundering regulations, akin to any other financial institution. Teng further expressed Binance’s aspiration for enduring peace in the region.
In spite of this declaration, numerous members of the community continue to express apprehension regarding the actions taken by the exchange. A number of Binance users labeled the decision as “unacceptable,” highlighting the absence of assurances that the platform would not impose similar measures on the citizens of another nation in the future.
Additionally, some individuals raised concerns about the methodology employed to ascertain whether the funds were associated with illegal activities, as well as the process for appealing such decisions. Ultimately, a segment of users expressed a lack of trust in the exchange and indicated their preference to withdraw their funds.
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