ALBAWABA - Richard Teng, Chief Executive Officer of Binance, has addressed complaints on recent reports claiming the cryptocurrency exchange has blocked the assets of Palestinian users in response to a request made by the Israel Defense Forces calling it a "FUD" (which stands for fear, uncertainty, and doubt).
An administrative seizure order issued in accordance with the legislation on “Combating Terrorism” established the basis for these claims, which appears to have been issued by the Israeli government. According to the paper, the assets that were confiscated were connected to groups that were classified as “terrorist organizations”, with the permit of Israel's Minister of Defense.
In his statement, the CEO of Binance tries to refute the narratives that indicate the cryptocurrency exchange may be unjustly punishing Palestinian users. He underlined that the steps taken by the exchange are a part of its worldwide compliance activities and are implemented in the same manner across all countries.
The cryptocurrency community has reacted great concern, especially owing to the fact that the platform has a history of complying with Israeli law enforcement, despite the fact that the document does not specifically name Binance, as reported by Crypto Briefing.
“FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this,” the CEO wrote.
“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,” he added.
