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.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
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.
Premium Partners
