Binance CEO Addresses Allegations of the Exchange Seizing All Palestinian Funds

The CEO of Binance has responded to allegations that the cryptocurrency exchange seized all funds from Palestinians at the request of the Israeli Defense Forces. Ray Youssef, CEO of Noones, criticized Binance, accusing it of yielding to external pressures and engaging in discriminatory practices. He called for a boycott of Binance and supported platforms that prioritize user privacy and autonomy.

Binance Faces Backlash Over Account Restrictions and Alleged Discriminatory Practices

Richard Teng, CEO of Binance, addressed recent allegations regarding the restriction of certain user accounts on Wednesday. He took to social media platform X to clarify the situation:

FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

“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. Most importantly, we hope for a lasting peace throughout the region,” the Binance boss noted.

Ray Youssef, CEO of Noones, a competing crypto platform, responded critically to Teng’s remarks. “This whitewashed gibberish will not work and only makes you look worse,” Youssef said. “You feel you have no choice but we the people do and we will vote with our money and go elsewhere until you grow some balls.”

Youssef accused Binance of capitulating to external political pressures, specifically from Israeli authorities, and claimed that the company had seized all funds from Palestinian users at the request of the Israeli Defense Forces (IDF). On Monday, Youssef wrote on X:

Binance has seized all funds from all Palestinians as per the request of the IDF. They refuse to return the funds. All appeals denied.

He further criticized Binance for what he described as “racist” practices, alleging that the platform disabled Pan-African trade on Binance’s peer-to-peer service while continuing to allow trading in other regions. Youssef urged the crypto community to “vote with their money” by boycotting Binance and switching to platforms like Noones that, in his view, prioritize user privacy and autonomy. He framed Binance’s actions as an example of broader systemic issues within the financial industry, including compliance with political demands and discriminatory practices against specific user groups.