Binance CEO Richard Teng Denies Claims of Freezing Palestinian Crypto Wallets
The founder of the peer-to-peer Bitcoin (BTC) trading site NoOnes, Ray Youssef, raised accusations about the freezing of Palestinian cryptocurrency holdings on Binance, which Richard Teng, the CEO of Binance, has categorically denied.
According to Youssef’s charges, which surfaced in a post on August 26 on X (previously Twitter), Binance had obliged with orders from Israeli authorities to freeze accounts linked to individuals who identify as Palestinian.
Teng Addresses Allegations
Teng responded to the charges in an X post dated August 28, calling them “FUD” an acronym for fear, uncertainty, and doubt. He explained that the reason behind the restrictions on a small number of accounts was not political demands, but rather their participation with illicit funds.
Teng highlighted that, like other significant financial institutions, Binance complies with globally recognized anti-money laundering laws.
Teng stated, “Most importantly, we hope for a lasting peace throughout the region,” and he also showed how much he wanted to see harmony.
Youssef’s Counterclaims
In response to Teng’s remarks, Ray Youssef charged that Binance was attempting to minimize the problem. Youssef called Teng’s response “whitewashed gibberish” and implied that Israeli pressure had influenced Binance’s decisions. He claimed that Israel has influence over international media and banking systems, which affects Binance’s choices.
A Hebrew letter allegedly written by Paul Landes, the director of Israel’s National Bureau for Counter Terror Financing, was included in Youssef’s initial post. The letter, which was translated, described how an appeal against a November 1, 2023, seizure order was denied and connected the funds that were taken to groups that Israeli authorities had designated as terrorist organizations.
Bitcoin Market Dynamics – Consolidation Phase
Youssef claims that this money was moved to different cryptocurrency wallets from the Dubai Exchange Company in Gaza. He said that Israeli directives to stop funding these groups were the reason behind Binance’s account freezes.
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