Cryptocurrency

<ul>
 <li>Binance allegedly seized Palestinian funds at the IDF's request, citing Israeli anti-terrorism laws for confiscation.</li>  
 <li>Binance denied blocking all Palestinian accounts, stating only those linked to illicit activities were restricted.</li>  
 <li>Binance faces global legal challenges, including the detention of executive Tigran Gambaryan in Nigeria on money laundering charges.</li> 
</ul>  
<p>Binance is facing criticism after reports emerged that it seized funds from Palestinian users. This action reportedly followed a request from the Israel Defense Forces (IDF).&nbsp;</p>  
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<p><a href="https://x.com/ray_noOnes" target="_blank" rel="noopener noreferrer nofollow">Ray Youssef</a>, co-founder of Paxful and CEO of Noones P2P platform, claimed that <a href="https://www.binance.com/en" target="_blank" rel="noopener noreferrer nofollow">Binance</a> confiscated all funds from Palestinian users. He stated that the exchange acted upon a request from the IDF and has refused to return the funds despite appeals. Youssef also suggested that this situation might affect users from other countries, including Lebanon and Syria.</p>  
<p>The controversy involves a letter from Israel’s National Bureau for Counter Terror Financing. Signed in November 2023 by Paul Landes, the letter was <a href="https://pbs.twimg.com/media/GV5iU6GXYAAU81B?format=jpg&amp;name=large" target="_blank" rel="noopener noreferrer nofollow">written</a> in Hebrew.&nbsp;</p>  
<p>It cites Israeli anti-terrorism laws that allow the Minister of Defense to temporarily seize property, including cryptocurrency, linked to declared terrorist organizations. The letter further stated that cryptocurrencies transferred by or to such organizations are subject to confiscation under these laws.</p>  
<h2 class="wp-block-heading" id="h-binance-s-response-to-allegations"><strong>Binance's Response to Allegations</strong></h2>  
<p>In response to these allegations, Binance <a href="https://cointelegraph.com/news/binance-seize-funds-palestine-israel" target="_blank" rel="noopener noreferrer nofollow">denied</a> blocking funds from all Palestinian users. A spokesperson for the exchange clarified that only a small number of accounts linked to illicit activities were restricted.&nbsp;</p>  
<p>Binance emphasized its compliance with internationally accepted sanctions legislation, similar to other financial institutions. However, the exchange did not disclose details about the number of affected users or the timing of the restrictions.</p>  
<h2 class="wp-block-heading" id="h-global-legal-challenges-and-compliance-efforts"><strong>Global Legal Challenges and Compliance Efforts</strong></h2>  
<p>Aside from the situation in Palestine, Binance is also dealing with legal issues in Nigeria. Calls are mounting for the <a href="https://cryptonewsland.com/binance-executive-bedridden-after-six-months-in-nigerian-detention/" target="_blank" rel="noopener noreferrer nofollow">release</a> of Binance executive Tigran Gambaryan, who has been held since February on money laundering allegations.&nbsp;</p>  
<p>Despite these challenges, Binance is focusing on compliance efforts. The company is hiring additional staff and expanding its anti-crypto scam initiatives to strengthen its regulatory adherence.</p>  
<p>Binance's recent actions have sparked significant controversy and scrutiny. The exchange's move to seize Palestinian funds on the IDF's request has sparked concerns about its compliance and openness.&nbsp;</p> 
<p>The post <a href="https://cryptonewsland.com/binance-under-scrutiny-for-seizing-palestinian/" rel="noopener noreferrer nofollow">Binance Under Scrutiny for Seizing Palestinian Cryptocurrency Funds</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Binance Under Scrutiny for Seizing Palestinian Cryptocurrency Funds

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