Binance Accused of Freezing Palestinian Crypto Assets
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Accusations surfaced on August 26 alleging that Binance, one of the largest cryptocurrency exchanges globally, froze Palestinian users’ crypto assets at the behest of Israeli authorities.
This claim, brought to light by Ray Youssef, the co-founder of Paxful and CEO of Noones P2P platform, sparked concerns about the autonomy of cryptocurrency exchanges and user privacy.
Youssef, via X, stated that Binance “seized funds from all Palestinians” at the request of the Israel Defense Forces (IDF).
Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.
Your funds are SAFU at @noonesapp tho.
In accordance with the authority delegated to me by the Minister of Defense, according to Section 61(a)… pic.twitter.com/RYlsFmlh2i
He added that the exchange refused to return the funds and denied appeals from affected users. Currently, neither Binance nor Israeli authorities have publicly addressed these claims.
At the center of the issue is the allegation that cryptocurrency wallets, including those belonging to Palestinians, received funds from an organization labeled as terrorist by Israel – the Dubai Exchange Company. This Gaza-based organization was flagged by Israeli authorities in 2022.
BREAKING: Israeli forces seize $2.8 million from five money exchange companies in the West Bank, declare them terrorist organizations.
Binance reportedly responded to appeals from Palestinian users by referencing a November 2023 letter signed by Paul Landes of Israel’s National Bureau for
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