@Richard Teng , Always with Users
Recently, Binance, a leading name in the cryptocurrency exchange market, revealed that it had declined 88% of the Israeli Defense Force's (IDF) requests to freeze the accounts of Palestinian users and others, citing a commitment to protecting user assets and rights.
This decision has been met with significant attention, showcasing Binance's dedication to balancing international pressures with the protection of its customers.
To guarantee a fair process, Nils Andersen Röed, Binance's head of global financial research, explained that the company doesn’t rely solely on one method or source when making such critical decisions.
Instead, when confronted with requests from the IDF to freeze accounts, Binance undertakes a thorough evaluation using independent open-source intelligence to confirm the legitimacy of each case.
"Each request prompts a detailed investigation of the account's transaction history and activities, ensuring that only those with conclusive evidence of wrongdoing are affected," Röed stressed. This meticulous approach helps ensure that Binance's actions are both lawful and just, safeguarding the assets of users who are not involved in any illicit activities.
Binance's CEO, Richard Teng, has also been active in addressing public concerns, particularly allegations circulating on social media that the platform indiscriminately froze Palestinian accounts.
He clarified that after detailed internal reviews, only about 230 accounts—roughly 12% of the over 1,900 investigated—were restricted due to connections with unlawful funds. These actions, Teng noted, align strictly with global anti-money laundering standards and are intended to prevent the misuse of the platform for illegal purposes.
In a robust response to accusations in late August 2024, Teng firmly refuted claims of blanket restrictions on Palestinian users, emphasizing the targeted and legally sound nature of Binance’s account restrictions.
#IsraelPalestineWar #Israeli #Palestine #BinanceSquareFamily #BTCReboundsAfterFOMC