Binance CEO, Richard Teng, has denied allegations that his platform has seized all assets related to users in Palestine.
In a post on X (formerly Twitter) on August 28, Teng emphasized that Binance only froze accounts associated with illegal funds, in line with internationally recognized anti-money laundering policies.
“This is FUD. Only a small number of user accounts linked to illegal funds have been blocked from transacting. Some of the circulating statements are not true,” Teng wrote.
Teng also stated that Binance is committed to adhering to internationally accepted anti-money laundering regulations and promised to continue educating users on how to transact safely and securely on their platform.
The statement came after Ray Youssef, Co-Founder of Paxful and CEO of Noones, accused Binance of seizing all funds from Palestinian users at the request of the Israel Defense Forces (IDF).
Youssef shared several pieces of evidence to support his claims, including a letter from the Israeli Minister of Defense dated November 2023, stating that cryptocurrency wallets, including those registered under user names, were used to transfer funds for terrorism.
Youssef also presented screenshots showing that Palestinian users who appealed to recover their assets were denied by Binance.
Strong Reaction from the Crypto Community
Teng’s clarification sparked a strong reaction from the crypto community. The post garnered over a thousand comments, many of which questioned the truthfulness of Teng’s statement.
One user shared screenshot evidence supporting the claim that the freezing and seizure of Palestinian user funds was a direct order from the IDF, a claim previously revealed by Youssef.
Another user highlighted the perceived injustice, pointing out that this action was only applied to users in Palestine, while Israeli user accounts linked to illegal activities did not face similar consequences.
In protest, some users decided to move their funds and boycott Binance.
Responding to Teng’s clarification, Youssef once again revealed evidence that Binance had handed over all Palestinian users’ know-your-customer (KYC) information to the IDF, accompanied by screenshots displaying the names of Palestinian users.
“This is a message from a Gaza resident about his deceased friend named Ahmad. The IDF targeted his house; he had a large balance in Binance. The person who sent this message wants to remain anonymous because his name is also on that list,” Youssef wrote.
The message stated that the victim was never involved in politics, and Binance had given all information to the IDF, so they now know the addresses and all details about the users.
“They maintain that crypto is secure and decentralized, but Binance has jeopardized this by revealing all our information. I don’t know what will happen to me next, please pray for me. My name is also on that list,” the message shared with Youssef revealed.
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Read : Binance Allegedly Freezes Palestinian Funds at Israel’s Request (dinodapps.com)
