Richard

Coin

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Binance CEO Richard Teng has spoken up against a growing community concern that Binance is sanctioning Palestinian accounts at the behest of Israel. According to a letter circulating on X social media, there were claims that Binance complied with requests to freeze the accounts of "all Palestinians."</p>
<h2 id="binance-ceo-shed-true-light">Binance CEO shed true light</h2>
<p dir="ltr">Shedding light on what truly happened, Richard Teng&nbsp;<a href="https://x.com/_RichardTeng/status/1828688000894787800" rel="noopener noreferrer nofollow">said</a> the circulating news was mere FUD. He claimed that only a limited number of users were impacted, and that these accounts were linked to illicit transactions.</p>
<blockquote>
 <p lang="en" dir="ltr">FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other…</p>— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1828688000894787800?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 28, 2024</a>
</blockquote>
<p dir="ltr">"As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. In his short statement, we will continue to educate users on how to safely and securely transact on our platform," the Binance CEO said.</p>
<p dir="ltr">Though Binance exchange is the biggest trading platform in the industry, as&nbsp;<a href="https://u.today/binance-ceo-reports-huge-net-inflow-in-past-24-hours" rel="noopener noreferrer nofollow">shown by key performance metrics</a>, it is also known to face significant backlash. This FUD came when the exchange tried to resolve many of its operational hurdles in key jurisdictions.</p>
<p dir="ltr">If Binance is allowed to resonate throughout industry, it might face more intensive fallout from community members. As Teng noted, the trading platform is suing for peace in the region.</p>
<h2 id="growing-disdain-for-censorship">Growing disdain for censorship</h2>
<p dir="ltr">Beyond Binance exchange coming into the spotlight, the broader crypto community has been speaking against censorship in any form in the industry. This censorship move is behind the&nbsp;<a href="https://u.today/vitalik-buterin-breaks-silence-on-telegrams-pavel-durov-arrest" rel="noopener noreferrer nofollow">recent arrest</a> of Telegram Founder Pavel Durov in France, which has sparked outrage.</p>
<p dir="ltr">This is why Binance exchange cannot afford to be caught in a censorship brawl. Already, the market is in&nbsp;<a href="https://u.today/fear-returns-to-crypto-market-following-bitcoin-price-crash" rel="noopener noreferrer nofollow">bearish mode</a>, riding on a Bitcoin-sparked drawdown. Notably, the price of Binance Coin (BNB) has&nbsp;<a href="https://coinmarketcap.com/currencies/bnb/" rel="noopener noreferrer nofollow">dropped</a> by 3% to $538.47.&nbsp;</p>
<p dir="ltr">Should community opinion skew negatively against Binance in the current censorship claims, the price of BNB may crumble more in the midterm.</p>

Binance CEO Issues Crucial Statement to Debunk Rising FUD

Table of Contents

U_Today

Other articles published on Aug 28, 2024

Justin Sun Addresses Concerns Over 12,000 Bitcoin Withdrawal from USDD’s Collateral

Bitcoin Price Drops Below $60K After A 5% Plunge As Experts Say This Solana GambleFi Token Might ...

Coinbase Bets Big on Ethereum’s Recovery Amid Massive Open Interest Decline

The Evolution of Crypto Venture Capital: A 15-Year Review

Politics vs economy: BitMEX CEO criticizes the Fed’s monetary policy decision-making

Toncoin Price Gains Momentum As TON Blockchain Resumes After Major Outage

Join our free newsletter for daily crypto updates!