Binance rejects 86% of IDF's freezing requests to protect the digital assets of Palestinian users
Recently, cryptocurrency trading giant Binance publicly announced that it has rejected 86% of IDF's freezing requests to protect the digital assets of Palestinian users and other related users. This move has attracted widespread attention and demonstrated Binance's firm stance between dealing with international pressure and safeguarding user rights.
Independent review to ensure fairness
Nils Andersen Röed, head of global financial research at Binance, said in an interview: "We do not rely on a single source or tool to make decisions." In the face of IDF's freezing request, Binance did not blindly execute it, but conducted rigorous independent open source intelligence research to verify whether each account was indeed involved in illegal activities.
"Upon receiving the request, our team will comprehensively review the transaction records and activities of the relevant accounts to ensure that only accounts supported by solid evidence will be frozen." Röed emphasized. This rigorous review process ensures that Binance's operations comply with laws and regulations, while also protecting the assets of innocent users from infringement.
CEO Richard Teng’s Firm Response
Binance CEO Richard Teng further clarified the allegations on social media. “Only a small number of user accounts associated with illicit funds have been restricted from trading,” Teng said, adding: “These restrictions are consistent with internationally recognized anti-money laundering legislation and ensure that our platform is not used for illegal activities.”
In late August 2024, facing allegations that Binance had frozen all Palestinian user funds, Teng responded quickly and strongly denied these false claims. He explained that Binance only froze approximately 220 (14% of the total) of the more than 1,500 wallets that were confirmed to have illicit transactions after internal investigations. These freezing actions strictly follow international legal and evidentiary standards to ensure the legality and transparency of the operations.
