Leading cryptocurrency exchange Binance has faced accusations of freezing funds from Palestinian accounts at the request of the Israeli Defense Forces (IDF). The platform denies targeting all Palestinians, stating that only a limited number of accounts were frozen due to illicit funds.
The allegations were initially raised by Ray Youssef, CEO of NoOnes and co-founder of Paxful, who claimed that Binance seized all Palestinian funds and refused to return them. The exchange cited Israeli law enabling temporary seizures of property related to terrorist organizations as the basis for the account freezes.
Despite the accusations, Binance CEO Richard Teng dismissed the claims as “FUD” and clarified that only accounts linked to illicit activity were affected. Teng emphasized the platform’s compliance with international anti-money laundering regulations.
While Palestinians have a minimal presence on Binance, traffic from the region only accounted for 0.05% of total visits in the past year. The controversy highlights the challenges of cryptocurrency regulations in sensitive geopolitical contexts.
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