At the request of Israeli government authorities, cryptocurrency exchange Binance has suspended customers’ accounts, but this action will not affect the accounts of regular Palestinian customers.
Binance is a top-tier crypto exchange, thanks to its highly secured crypto services. This exchange always remains ready to fight against the bad actors who use cryptocurrencies in illegal financial activities. In the past, the Binance team has helped enforcement agencies tackle bad actors several times.
On October 10, 2023, the cryptocurrency exchange Binance banned a number of its customer accounts that belonged to the Palestinian jurisdiction. The exchange banned these accounts on behalf of Israeli enforcement authorities.
According to the report, these banned accounts were linked and used to illegally transfer funds on behalf of the terrorist organization Hamas.
The seized funds associated with these accounts will go to Israel’s national treasury.
This latest crackdown on Palestinian users will not affect regular customers as the banned accounts were used to finance terrorism.
In 2022, Binance made a similar decision to ban terrorist financing related to Israel and Hamas groups.
Just a few days ago, the Hamas organization attacked Israel with several rockets at the same time. It is reported that 1,000 people have been killed and large numbers of people seriously injured.
Yesterday we reported that Israel’s Web3 community has launched a crypto relief fund to collect donations from crypto investors worldwide and further use the money to help those who have lost their homes and families.
Here it will be interesting to know in the future if Binance’s talented team will reveal some other relationships outside of Palestine and Israel linked to the banned Binance accounts. If Binance conducts in-depth research, it will certainly help to detect and encounter the foreign link in the Israel-Hamas conflict.
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