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Binance, a leading cryptocurrency exchange, has come under scrutiny following reports that it seized Palestinian cryptocurrency assets at the request of the Israeli Defense Forces (IDF). Ray Youssef, CEO of Bitcoin P2P marketplace NoOnes, claimed all Palestinian funds were seized, while Binance clarified through co-founder Yi He that only a small number of accounts associated with illegal activities were frozen, not all Palestinian accounts. The IDF claims that the funds were linked to terrorism, prompting the seizure under Israeli anti-terrorism laws. This action has sparked controversy and debate over the role of cryptocurrency exchanges in geopolitical conflicts and the security of user funds. The incident was reported on August 28.
#Binance has seized all funds belonging to 🇵🇸 Palestinians, acting on a request from the 🇮🇱 Israeli Defense Forces (@IDF). The seizure is tied to the Anti-Terrorism Law of 2016. The law allows for confiscation of property deemed to be linked to terrorism. https://t.co/aejgXfcYUB
I have been chasing this story since October 2023. I spoke to sources in Gaza whose @binance accounts had been frozen – The addresses they provided were not listed in Israel's official seizure orders. I was then put in touch with Turkish and Saudi Arabian nationals whose… https://t.co/oZkRDDdkFM https://t.co/L00NXcaAFh
44,000 Bitcoin ($3bn) has been withdrawn from Binance so far today Binance stands with ISRAEL Binance stands with GENOCIDE KEEP BOYCOTTING 🛑 https://t.co/mJCpqp1clS