Binance CEO Richard Teng denies accusations of large-scale freezing of Palestinian crypto assets, claiming that its freezing actions were carried out in compliance with anti-money laundering laws

Reports surfaced alleging that Binance had frozen all Palestinian crypto wallets, sparking widespread concern.

The accusations came from Noones CEO and Paxful co-founder Ray Youssef, who claimed the freeze was at the request of the Israel Defense Forces (IDF).

He suggested that the freeze might extend to users in Syria and Lebanon.

related reading：Binance Accused of Freezing Palestinian Crypto Assets

Yusuf’s accusations against Binance

Youssef stated that multiple sources confirmed the freeze and that appeals to retrieve funds were denied.

He shared a document, reportedly from Binance, citing Israeli anti-terrorism laws as the basis for the seizures.

The law allows the seizure of assets linked to declared terrorist organisations.

Pursuant to the Anti-Terrorism Act, the transfer of cryptocurrencies by a declared terrorist organization constitutes the property of a declared terrorist organization and the transfer of cryptocurrency wallets to such property constitutes direct use in the commission of serious terrorism in the provision of services or establishment of measures for the terrorist organization. criminal property. Under the provisions of the Counter-Terrorism Act, and therefore as directed, the Act allows the Secretary of Defense to order the forfeiture of these assets by executive order in preparation for the forfeiture of assets.

Binance CEO Richard Teng denies accusations

Binance CEO Richard Teng quickly addressed the accusations. He categorically denied the reports, dismissing them as FUD (Fear, Uncertainty, and Doubt).

Teng clarified that only a small number of accounts linked to illicit activities were blocked.

He also emphasised Binance’s compliance with international anti-money laundering regulations.

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The crypto community remains uneasy despite Teng's statement. Some users criticised Binance for allegedly acting against the principles of decentralisation.

Others expressed concerns that the platform might freeze funds from other regions in the future, leading to a loss of trust in centralised exchanges.

Binance token BNB is currently priced at $539, down 4.25% in the past seven days.

BNB price changes in seven days Source: coinmarket