Richard

Wednesday

Impact

The post <a href="https://coinpedia.org/news/binance-news-did-the-exchange-seize-palestinian-funds-ceo-richard-teng-responds/">Binance News: Did the Exchange Seize Palestinian Funds? CEO Richard Teng Responds!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Leading cryptocurrency exchange Binance has distanced itself from possible discrimination of the Palestinian crypto users in favor of the Israeli government. Earlier today, a report circulated on the internet that Binance exchange had seized all the funds belonging to <a href="https://coinpedia.org/news/binance-faces-backlash-over-seizure-of-palestinian-crypto-funds/" target="_blank" rel="noreferrer noopener">Palestinian users</a> at the request of the Israeli government.&nbsp; 
However, Binance CEO Richard Teng has discredited this claim to quell speculation of possible freezing of users’ assets without proper course. Teng noted in an X statement that only a limited number of user accounts, which were linked to illicit activities, were blocked from operating.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “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,” 
</blockquote> 
Teng&nbsp;<a href="https://x.com/_richardteng/status/1828688000894787800?s=46" target="_blank" rel="noreferrer noopener nofollow">noted</a>. 
The crypto exchange has called on users to approach the web3 industry equipped with the necessary knowledge to avoid falling victim to fraudulent transactions. Furthermore, Binance is regulated in 19 countries and adheres to the set anti-money laundering laws like any other financial institution including in India and the UAE. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4cc.png" alt="📌" class="wp-smiley" style="height: 1em; max-height: 1em;"> Important: Stay away from FUD. Binance remains committed to educating users on secure transactions and hopes for lasting peace in the region. <a href="https://t.co/4xekooptbS">https://t.co/4xekooptbS</a>— Diana 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@dianabinance) <a href="https://twitter.com/dianabinance/status/1828707544044368352?ref_src=twsrc%5Etfw">August 28, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Impact on Binance Ecosystem&nbsp; 
Amid the ongoing crypto correction led by <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin</a>, Binance’s native coin BNB has not been spared. According to the latest market data, <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/" target="_blank" rel="noreferrer noopener">BNB’s price</a> dropped over 3 percent in the past 24 hours to trade at about $537 on Wednesday during the mid-London session. 
Since hitting its all-time high earlier this year, the large-cap altcoin, with a fully diluted valuation of about $78 billion and a daily average traded volume of over $1.1 billion, has been trapped in a falling trend.&nbsp; 
However, the release of former CEO Changpeng Zhao from prison in the United States will play a crucial role in rejuvenating BNB’s bullish outlook. 
Also Check Out: <a href="https://coinpedia.org/news/from-banks-to-blockchain-buffetts-982m-sell-off-fuels-crypto-buzz/" target="_blank" rel="noreferrer noopener">From Banks to Blockchain? Buffett’s $982M Sell-Off Fuels Crypto Buzz</a>

Binance News: Did the Exchange Seize Palestinian Funds? CEO Richard Teng Responds!

CoinPedia News

Other articles published on Aug 28, 2024

Why Has Bitcoin and Cryptocurrencies Fallen Recently? Analytics Company Reveals the Top 5 Reasons

Are BNB Smart Chain and Tron Set To Take Over From Solana or Could This New Altcoin Outperform All?

Wences Casares: Bitcoin Visionary Behind Xapo’s Global Success

Immediate Chain Review 2024: Scam or Legit Trading Platform? – User Feedback!

Trump adds RFK Jr to transition team as former president faces new indictment

Binance Issues Vital Update On Dogs, Pepe Coin, Solana & Other Tokens

Join our free newsletter for daily crypto updates!