- Reasons for the Freeze
- Public Reaction
- Statements from Binance Representatives
The cryptocurrency exchange Binance has come under fire for freezing Palestinian accounts following orders from the Israeli Defense Forces (IDF).
Reasons for the Freeze
Binance blocked the cryptocurrency assets of Palestinians at the request of the IDF, refusing to return the funds despite numerous appeals. The assets remain frozen and seized.
Public Reaction
The hashtag #BoycottBinance is trending on Twitter. Users, especially Palestinian supporters, are expressing discontent, accusing Binance of supporting genocide.
Statements from Binance Representatives
Binance Co-Founder & Chief Customer Service Officer Yi He replied to an X user saying the exchange only blocked a limited number of Palestinian accounts linked to illicit funds. Binance CEO Richard Teng, who recently replaced ex-CEO Changpeng Zhao, posted a statement on X: "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." Teng also mentioned that Israel is believed to be putting massive pressure on Binance and other exchanges to freeze the funds of all Palestinians.
The situation emphasizes the ongoing tension in the realm of cryptocurrency centralization.
