Binance Denies Blocking Palestinian Accounts Amid Middle East Conflict

This week’s escalation in the Israel-Palestinian conflict has brought scrutiny to Binance, with claims suggesting the exchange blocked all Palestinian accounts at the request of the Israeli Defense Forces (IDF).

Binance has refuted these claims, stating that only a few accounts linked to illegal activities were affected.

Binance CEO Richard Teng has denied the reports of a comprehensive ban, explaining that the restrictions were applied solely to accounts involved in illicit transactions, in accordance with international anti-money laundering laws.

The controversy began when Ray Youssef, CEO of NoOnes, accused Binance of freezing Palestinian users’ funds under IDF pressure and refusing to return them due to alleged links with a Gaza-based terrorist group. These accusations have raised concerns about potential bias and government influence on the exchange.

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Binance’s spot trading volume has dropped by 23% over the past month, a significant decrease from its previous market dominance. Co-Founder Yi He assured that Palestinians can still use Binance without restrictions, specifying that only a limited number of accounts were impacted.

Investor Simon Dixon criticized Binance’s increased regulatory scrutiny, comparing its current operations to those of a bank, and suggested that geopolitical influences might be at play. Meanwhile, the situation in the West Bank has worsened, with recent Israeli military actions in Jenin and other areas resulting in at least nine deaths.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.