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Binance, the biggest crypto exchange by trading volume, might have to deal with new legal complications in the United States. Reports emerge that Judith Raanan, an American citizen held hostage by Hamas in Gaza in the October 7 attack filed a lawsuit against the <a href="https://news.todayq.com/binance-faces-calls-for-independent-custodians-over-safety-report/" target="_blank" rel="noopener noreferrer nofollow">crypto exchange</a>. This major development comes in when the crypto exchange is already facing a bit of a hard time in the country. Binance in trouble? 
According to reports, Judith Raanan and the relatives of two victims of the terrorist group’s attack had filed the lawsuit. However, the plaintiff has targeted Iran and Syria alleging that Binance let them trade on its platform.
The first of its kind lawsuit filed in the Manhattan court is expected to set a precedent for potential litigation against entities associated with terrorist organizations. Raanan was released on October 20 with her daughter, alongside the families of Itay Glisko and Dr. Daniel Levi Ludmir. She claims that Binance’s platform enabled Hamas to conduct transactions that funded violent attacks.
The legal action comes in when the crypto exchange is facing <a href="https://news.todayq.com/binance-challenges-sec-seeks-lawsuit-dismissal-amid-declining-market-share/" target="_blank" rel="noopener noreferrer nofollow">challenges on the legal front</a> with a declining market share. However,&nbsp; regulatory and criminal investigation into Binance had resulted in the exchange pleading guilty to violating sanctions and anti-money laundering laws.&nbsp;
As reported, the part of the settlement, Binance aces a criminal fine of $1.8 billion and forfeiture of $2.5 billion. In the meantime, Its former CEO Chanpeng Zhao (CZ) awaits sentencing for violating banking laws. Crypto helping illicit activities? 
While Binance is yet to respond over the matter,&nbsp; the lawyer representing Raanan and the families, expressed confidence in their entitlement to “recover substantial damages” under US law, including the anti-terrorism act.
The government’s claims in the Binance case suggest that the military wing of Hamas, al-Qassam Brigades, used Bitcoin transactions to raise funds for the Palestinian resistance. It added that, allegedly over 1.1 million transactions took place. It valued at $899 million, was conducted by individuals in Iran, violating US sanctions.
It is important to note that this legal action shows the intersection of crypto linked businesses and geopolitical conflicts. However, the lawsuit somehow implicates Iran as a principal backer of Hamas terrorism, accusing the country of consistently providing funding.
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Binance hit with First-of-its-Kind lawsuit linked to terrorism financing

Todayq News

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