Did Binance Really Seize Crypto from Palestinians?
Highlights
- Binance co-founder Ye Hi denied allegations of seized assets from Palestinians.
- User accounts linked to illicit funds were blocked only to comply with anti-money laundering laws.
- Crypto market saw notable uptrend after Binance co-founder refuted claims.
The world’s largest crypto exchange Binance faced backlash after reports alleged the exchange of seizing crypto assets from Palestinians. However, Binance co-founder Yi He has refuted the allegations and revealed that only user accounts linked to illicit funds were blocked to comply with anti-money laundering laws.
Binance Co-Founder Refutes Crypto Seizure From Palestinians
Binance co-founder Ye Hi on August 28 denied claims that the crypto exchange has seized assets from Palestinians. She cleared that only a limited number of user accounts linked to illicit funds were impacted. These accounts were blocked from access due to alleged relation to terrorist groups.
“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,” Ye Hi added.
She further responded to users on X that Palestinians living in occupied territories can continue to use Binance and withdraw their funds.
Ye Hi didn’t answer how many accounts were affected by the move, but she said “There are hundred level of accounts involved in illegal capital inflows.” Moreover, she stressed that blockchain is public and enables anyone to check the transfer details.
Other notable people also refused the claims including popular analyst Michael van de Poppe. He asserts the allegations were far from real and it was never about seizing all assets from Palestinians.
A rumor is spread that @Binance is seizing the cryptocurrencies from all Palestinians.
This is literally far from real; this is not about seizing all assets from Palestinians; it’s a limited amount of people linked to illicit funds.
Propaganda is happening. pic.twitter.com/9wCPy3bTwv
— Michaël van de Poppe (@CryptoMichNL) August 28, 2024
Crypto Market Signals Recovery
The crypto market rebounded after Binance denied seizing crypto assets from accounts linked to Palestinians on directives by the Israeli government. The market is currently flashing signs of recovery, with a potential rally in the coming weeks.
Bitcoin price and Ethereum surged more than 1% in an hour, but still trading at 4% and 5% down over the last day. BTC price is now back above $60,000 after falling to a low of $58,034. Low liquidity caused the latest crash in the crypto market which happened despite bullish news of Nasdaq filing with the SEC for a license to offer and trade Bitcoin index options and high odds of Fed rate cuts in September.
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Is This Final Bitcoin Price Correction Before US Shutdown Ends, Fed Rate Cuts?
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
