1. Accusations of Fund Freezing
2. Fight against Terrorist Financing
3. Risks of Holding Cryptocurrencies on Centralized Platforms

Recent accusations of fund freezing against Binance by Ray Youssef, CEO of Noones and CEO of Paxful, have revived tensions in the crypto world. These accusations concern the freezing of funds of several Palestinian customers at the request of Israeli authorities.

Accusations of Fund Freezing

Yesterday, Ray Youssef, CEO of Noones and CEO of Paxful, accused the crypto exchange Binance of freezing the funds of several Palestinian customers. Supporting his claims, Youssef had shared a video and a letter in Hebrew, which he claimed were proof of this seizure allegedly carried out at the request of Israeli authorities. In response to these accusations, Binance CEO Richard Teng vehemently denied Youssef's claims, calling them false and unfounded. Teng clarified that Binance has never received any directives from Israel to seize Palestinian funds. He emphasized that the company closely collaborates with international regulators to ensure the compliance and security of its operations. According to him, these accusations aim to tarnish Binance's reputation in an already sensitive geopolitical context.

Fight against Terrorist Financing

Since 2021, Israel has seized 190 Binance accounts suspected of being linked to terrorist groups. These measures were strengthened after the attack of October 7, 2023, which increased tensions. Other accounts associated with Hamas were frozen on October 10 at the request of the Israeli police. Later this month, the United States expanded its sanctions list to include a Gaza-based company involved in money transfers and digital asset exchanges.

Risks of Holding Cryptocurrencies on Centralized Platforms

The current situation demonstrates the risks associated with holding cryptocurrencies on centralized platforms, especially in a context of geopolitical tensions. While the use of cryptocurrencies to finance terrorist activities is a growing concern, exact figures are difficult to establish due to the challenge of identifying specific wallet owners. In this particular case, the situation is even more delicate as mistakes can be made that could further complicate the lives of some households already in great difficulty.

Without taking sides, it is important to note that the best way to secure your cryptocurrencies remains using hardware wallets. This type of wallet provides total control over your digital assets, reducing the risk of confiscation or freezing of funds by third parties, and offering better protection against cyberattacks.