Binance denies reports that it has seized all Palestinian user funds, saying only a few accounts are restricted. On August 28, Ray Youssef, co-founder of the P2P crypto platform Paxful and CEO of the Noones P2P platform, revealed that the crypto exchange Binance seized cryptocurrencies from Palestinian users at the request of Israel and handed them over to the Israel Defense Forces (IDF). Youssef wrote in a post on X: "Binance has seized the funds of all Palestinian users at the request of the Israeli Defense Forces. They refused to return the funds. All appeals were rejected." Yousse cited multiple sources, including a letter from Israeli authorities passed by Binance. He believes that this measure affects all Palestinian users and predicts that other countries such as Lebanon and Syria may follow suit. In response, Binance said that the platform only restricted certain Palestinian accounts involved in illegal activities. A Binance spokesperson said: "There are some incorrect statements about this matter. Only a few user accounts related to illegal funds are prohibited from trading." The Binance spokesperson also pointed out that Binance "complies with internationally recognized sanctions regulations like any other financial institution" and "most importantly, we hope for lasting peace throughout the region"
