Binance Did Not Freeze Palestinian Crypto Wallets, Claims CEO Teng

Richard Teng has dismissed allegations made by Ray Youssef, founder of the peer-to-peer Bitcoin (BTC) trading platform NoOnes, that the crypto exchange froze Palestinian assets on the exchange at the request of Israeli authorities.

The controversy started following Youssef’s August 26 message on X, where he accused Binance of complying with directives to freeze accounts connected to Palestinian users.

Teng Dismisses Assertions as “FUD,” Youssef Fires Back

Teng responded to these claims in an August 28 X post where he described the claims as “FUD,” an acronym for fear, uncertainty, and doubt. Furthermore, he said that only a limited number of accounts were blocked from transacting, and all of them were linked to illicit funds.

The Binance CEO noted that some statements made about the situation were inaccurate and emphasized that, as a global crypto exchange, his company adheres to internationally accepted anti-money laundering regulations, similar to other financial institutions.

The post also expressed his desire for peace, “Most importantly, we hope for a lasting peace throughout the region.”

However, Youssef responded to Teng’s statement, condemning it as an attempt to downplay the situation. “This whitewashed gibberish will not work and only makes you look worse,”  he retorted.

The NoOnes founder accused Binance of giving in to pressure from authorities, suggesting that the company “has no choice” but to comply due to the influence he alleges Israel holds over global financial and media structures.

“Yes, the Israelis wield tremendous power, they control the world’s mightiest nation, the U.S. and the entire financial and media structures of the world,” he claimed.

The Allegations

Youssef’s original post included a letter in Hebrew purportedly from Paul Landes, head of Israel’s National Bureau for Counter Terror Financing, along with a translation.

It rejected an appeal against a seizure order dating back to November 1, 2023, and indicated that funds had been transferred from the Dubai Exchange Company in Gaza to various crypto wallets, though it did not specify the recipients.

The document linked the seized funds to organizations labeled as terrorists by the country’s Minister of Defense in 2022, including the aforementioned Dubai Exchange Company.

According to Youssef, the actions to freeze certain Palestinian accounts by the world’s largest crypto exchange followed an order from Israeli authorities, who claimed the funds were being used to finance organizations considered terrorist entities under the country’s anti-terrorism laws.