Binance BNB/USD, the world’s largest cryptocurrency exchange, is facing scrutiny over accusations of confiscating Palestinian cryptocurrency funds, reportedly at the behest of Israel.
What Happened: Ray Youssef, co-founder of Paxful and CEO at Noones P2P platform, has alleged that Binance seized Palestinian funds following a directive from the Israel Defense Forces (IDF), reported Cointelegraph.
Youssef said that his claims are based on multiple sources, including a letter from Israeli authorities that Binance allegedly passed on.
Youssef has also suggested that this measure could potentially affect all Palestinians and has predicted that countries like Lebanon and Syria might be next in line. Binance, however, has refuted these claims, stating that only a small number of accounts, tied to illicit funding were restricted.
Binance didn’t immediately respond to Benzinga’s request for clarification on the matter.
See Also: Trump A ‘Dangerous Guy’ But Better For Crypto, Says Anthony Scaramucci: Elizabeth Warren And Gary Gensler ‘Have A Lot Of Eggs On Their Faces’
Binance is the world’s largest cryptocurrency trading platform, processing volumes of more than $16 billion in the last 24 hours, according to CoinGecko.
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