The head of the exchange stated that Palestinian accounts were blocked due to illicit activities, not for political reasons.

Richard Teng denied claims made by Ray Youssef, the founder of the peer-to-peer Bitcoin trading platform NoOnes, who alleged that the cryptocurrency exchange had frozen Palestinian assets at the request of Israeli authorities.

The controversy began after Youssef posted a message on X (formerly Twitter) on August 26, accusing Binance of following orders to freeze accounts associated with Palestinian users.