- Binance is under fire for freezing Palestinian crypto accounts following orders from the IDF.
- The controversy highlights the ongoing tension between cryptocurrency centralization.
Binance blocked Palestinian crypto funds. The exchange seized cryptocurrency from Palestinians as per the request of the Israel Defence Force (IDF). They refused to return the funds and all the appeals have been denied. Moreover, the assets are frozen and seized.
Also, #BoycottBinance is currently trending on Twitter. In addition to this, People are showing different reactions to this incident, especially the Palestinian supporters. They are saying that Binance is standing with Genocide.
Following this, Yi He, Binance Co-Founder & Chief Customer Service Officer replied to an X user saying that the exchange only blocked a limited number of Palestinian crypto accounts that were linked to Illicit funds.
Binance CEO Richard Teng, who recently replaced the ex-CEO Changpeng Zhao, posted a statement in X saying that,
“As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform.”
Furthermore, he says that it is believed that Israel is putting massive pressure on Binance and all other exchanges to blanket seize the funds of all Palestinians.
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