This week, the Israel-Palestine conflict escalated, and Binance came under scrutiny for allegedly blocking Palestinian financial transactions at the behest of the Israeli Defense Forces. Binance’s CEO denied the allegations, clarifying that only a small number of illegal accounts were blocked.
Statement from Binance CEO
Binance CEO Richard Teng denied reports that the global exchange blocked all Palestinian accounts on Israeli request. Teng clarified that only a small number of accounts linked to illegal activities were blocked from transacting on the exchange.
Decline in Binance Trading Volumes
Binance dominated close to 44% of the CEX market share until last month. However, a CoinGecko report revealed that its spot trading volume has taken a hit and has fallen by 23% month-on-month. Binance Co-Founder and Chief Customer Service Officer confirmed that only around a hundred accounts linked to illegal capital inflows were blocked.
Escalation of Israel-Palestine Conflict
The Israel-Palestine conflict is escalating in the West Bank. Reports reveal that the Israeli military carried out an operation in Jenin and other cities in the West Bank, killing at least nine people.
Amidst the escalating conflict, Binance continues to assert that it adheres to international anti-money laundering laws, blocking only those accounts linked to illegal activities.
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