Following the request by the Israeli government agencies, the Binance crypto exchange suspended customers’ accounts but this action will not impact ordinary Palestinian customers’ accounts.
Binance is a top-ranked crypto exchange, thanks to its highly secured crypto services. This exchange always remains ready to fight against the bad actors who use cryptocurrencies in illicit financial activities. In the past, the Binance team helped enforcement agencies several times to tackle the bad actors.
On 10 Oct 2023, the Binance crypto exchange banned some of its customers’ accounts belonging to Palestine jurisdiction. The exchange banned those accounts on behalf of the order from the Israeli enforcement agencies.
As per the report, those banned accounts were linked & used to transfer money illegally on behalf of the terrorist organisation Hamas.
The seized funds linked with these accounts will go to the Israeli national treasury.
This latest crack-down against Palestine users will not impact ordinary customers as the banned accounts were used in terrorist funding.
In 2022, Binance took a similar kind of decision to prohibit Terrorist funding related to Israel & Hamas groups.
Just a few days ago, the Hamas organisation attacked Israel with multiple rockets simultaneously. Reportedly 1,000 people have been killed & huge numbers of people injured badly.
Yesterday, we reported that Israel’s Web3 community launched a crypto aid fund to collect donations from crypto investors globally & further use the funds to help those who lost their houses & families.
Here it will be interesting to know in the future whether Binance’s talented team will disclose some other relationships outside Palestine & Israel, linked with the banned Binance accounts. If Binance conducts investigations deeply then surely it will help to trace & encounter the foreign link in the Israel vs Hamas conflict.
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