Binance Seizes Palestinian Assets Amid Israeli Request, Ray Youssef and Yi He Respond

Aug 28, 2024, 12:00 AM

Binance, a leading cryptocurrency exchange, has come under scrutiny following reports that it seized Palestinian cryptocurrency assets at the request of the Israeli Defense Forces (IDF). Ray Youssef, CEO of Bitcoin P2P marketplace NoOnes, claimed all Palestinian funds were seized, while Binance clarified through co-founder Yi He that only a small number of accounts associated with illegal activities were frozen, not all Palestinian accounts. The IDF claims that the funds were linked to terrorism, prompting the seizure under Israeli anti-terrorism laws. This action has sparked controversy and debate over the role of cryptocurrency exchanges in geopolitical conflicts and the security of user funds. The incident was reported on August 28.