Did Binance Really Seize Crypto from Palestinians?

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As a seasoned crypto investor with over two decades of experience navigating the volatile digital asset market, I have learned to approach news about exchanges with a healthy dose of skepticism and caution. The recent allegations against Binance regarding the seizure of crypto assets from Palestinians were met with initial concern, but upon closer examination, it appears that these claims are largely unfounded.

In a recent turn of events, the world’s largest cryptocurrency exchange, Binance, encountered criticism following claims it confiscated digital assets from individuals in Palestine. Yet, Binance co-founder Yi He has denied these accusations and clarified that only accounts associated with suspicious or illicit funds were restricted to adhere to anti-money laundering regulations.

Binance Co-Founder Refutes Crypto Seizure From Palestinians

On August 28, Binance co-founder Ye Hi refuted allegations that the cryptocurrency exchange confiscated assets belonging to Palestinians. She clarified that a restricted number of user accounts associated with illicit funds were affected. These specific accounts had been barred from usage due to suspected ties to terrorist organizations.

“In my role as a global crypto investor, I understand that we adhere to internationally recognized Anti-Money Laundering regulations, much like any traditional financial institution. I’m committed to ensuring that our users are well-informed about how to safely and securely navigate our platform.” – Ye Hi

In simpler terms, she explained to users on X that Palestinians residing in the occupied territories are still able to utilize Binance for transactions and withdraw their accumulated funds.

Hi didn’t specify exactly how many user accounts were impacted by the action, but she stated, “We’re dealing with hundreds of accounts implicated in illicit capital transfers.” Furthermore, she emphasized that the blockchain technology is transparent, allowing anyone to scrutinize the transaction details.

Additionally, noteworthy figures like Michael van de Poppe, a well-known analyst, dismissed the assertions. He maintains that the accusations were unfounded and the situation was never centered around confiscating all Palestinian possessions.

A rumor is spread that @Binance is seizing the cryptocurrencies from all Palestinians.

This is literally far from real; this is not about seizing all assets from Palestinians; it’s a limited amount of people linked to illicit funds.

Propaganda is happening.

— Michaël van de Poppe (@CryptoMichNL) August 28, 2024

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2024-08-28 13:09