Binance Did Not Freeze Palestinian Crypto Wallets, Says Teng, CEO

Richard Teng has rejected allegations made by Ray Youssef, founder of peer-to-peer Bitcoin (BTC) trading platform NoOnes, that the crypto exchange froze Palestinian assets on the exchange at the request of Israeli authorities .

The controversy began after Youssef’s August 26 message to X, where he accused Binance of complying with guidelines to freeze accounts connected to Palestinian users.

Teng dismisses claims as “FUD”, Youssef counters

Teng responded to these claims in a post on Aug. 28 where he described the claims as “FUD,” an acronym for fear, uncertainty, and doubt. He further said that only a limited number of accounts were blocked from transaction and all of them were linked to illicit funds.

Binance’s CEO pointed out that some statements made about the situation were inaccurate and emphasized that as a global cryptocurrency exchange, his company adheres to internationally accepted anti-money laundering regulations, similar to other financial institutions.

The publication also expressed its desire for peace: “Most importantly, we hope for lasting peace in the entire region.”

However, Youssef responded to Teng’s statement, condemning it as an attempt to downplay the situation. “This whitewashed gibberish won’t work and will only make you look worse,” he retorted.

The NoOnes founder accused Binance of bowing to pressure from authorities, suggesting the company has “no choice” but to comply due to the influence it claims Israel has over global financial and media structures.

“Yes, the Israelis wield tremendous power, they control the most powerful nation in the world, the US, and all the financial and media structures in the world,” he stated.

The allegations

Youssef’s original post included a letter in Hebrew purportedly from Paul Landes, head of Israel’s National Bureau of Terrorism Financing, along with a translation.

It rejected an appeal against an embargo order dated November 1, 2023, and indicated that funds had been transferred from the Dubai Exchange Company in Gaza to various crypto wallets, although it did not specify the recipients.

The document linked seized funds to organizations designated as terrorists by the country’s defense minister in 2022, including the aforementioned Dubai Exchange Company.

According to Youssef, the actions to freeze certain Palestinian accounts by the world’s largest crypto exchange followed an order from Israeli authorities, who claimed the funds were being used to finance organizations considered terrorist entities under anti-terrorism laws of the country

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