Binance Faces Lawsuit over Alleged Terror Financing

Lawsuit Against Binance

Families in Israel impacted by the horrific acts of Hamas are taking legal action against the renowned cryptocurrency exchange Binance. They allege that Binance played a role in processing payments linked to Hamas and other terrorist entities in the area. The suit, lodged in a New York district court, represents American citizens who suffered as a result of terrorist violence in Israel on October 7, 2023.

Terror Funding Accusations

Reports highlight that between August 2021 and June 2023, Palestinian Islamic Jihad and Hamas received substantial funds via cryptocurrency. Despite these numbers being debated, it's pointed out that the crypto exchange is accused of aiding terrorist financing. Binance is claimed to have provided a hidden financial service to terrorists while avoiding detection by U.S. authorities.

Binance's Response and Actions

Following the attacks that caused a staggering number of casualties and hostages, Binance complied with Israeli law enforcement by freezing over 100 accounts associated with Hamas. The exchange's immediate response to inquiries after these revelations has not been publicized.