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Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Crypto_Potato on August 29, 2024, 04:02:33 PM

Title: Binance seize assets of Palestinian users
Post by: Crypto_Potato on August 29, 2024, 04:02:33 PM
I never really was a Binance fanboy in the first place, barely use them this days because of regulations but boy I'm annoyed about their latest actions

Binance went ahead and seized assets of all Palestinian users they have under the orders of the IDF further encouraging the Genocide of the people of Gaza. Binance did release a claim that it was accounts linked with terrorism that were frozen but we ain't buying that crap. People have started a trend to boycott them and I really hope they lose users massively

I'm happy other CEXs haven't done the same stupid crap they did
Title: Re: Binance seize assets of Palestinian users
Post by: _act_ on August 29, 2024, 04:34:12 PM
This was what Binance CEO Richard Teng talked about it on X:

Quote from: https://x.com/_RichardTeng/status/1828688000894787800
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform. 

Most importantly, we hope for a lasting peace throughout the region.[/li][/list]

But I do not really care about what it is. People should have known by now that if it is not their keys it is not their coins. They can make use of noncustodial wallet and have their one private keys which give complete control over their own coins.
Title: Re: Binance seize assets of Palestinian users
Post by: luckyledger on August 29, 2024, 09:56:50 PM
Quote from: _act_ on August 29, 2024, 04:34:12 PM
This was what Binance CEO Richard Teng talked about it on X:

Quote from: https://x.com/_RichardTeng/status/1828688000894787800
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform. 

Most importantly, we hope for a lasting peace throughout the region.[/li][/list]

But I do not really care about what it is. People should have known by now that if it is not their keys it is not their coins. They can make use of noncustodial wallet and have their one private keys which give complete control over their own coins.

Yep, their own loss and responsibility. I agree.
Title: Re: Binance seize assets of Palestinian users
Post by: TomPluz on August 30, 2024, 08:27:26 AM
Quote from: _act_ on August 29, 2024, 04:34:12 PM
This was what Binance CEO Richard Teng talked about it on X:

Quote from: https://x.com/_RichardTeng/status/1828688000894787800
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform. 

But I do not really care about what it is. People should have known by now that if it is not their keys it is not their coins. They can make use of noncustodial wallet and have their one private keys which give complete control over their own coins.

Among the many available CEXs, I find Binance to be the best and my top one whenever I am exchanging something. I love Binance but we should know that it is a 100% centralized exchange platform hence it is beholden to the government and the people who are in power and that is why I am not shocked that it blocked some users on its site. Now, of course, they can seize the assets if Binance think it has a clear ground to do so. And since Binance is not holding this fact from anyone to see, analyze and decide on, the risk is always there that it can take your assets on its assets too if you can be "linked" to illegal activities most especially terrorism. Therefore stay away from Binance if you are not willing to take this risk and pull your coins/tokens somewhere else. So make the boycott now and never ever use Binance again.







Title: Re: Binance seize assets of Palestinian users
Post by: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
Its the way adopt by whales how to make many people get panic for selling their bitcoin and altcoin assets or moving from binance to any exchange market. Please for the next time stop publishing any news without check the information is true or not because many people got panic with fake news.
Title: Re: Binance seize assets of Palestinian users
Post by: Jating on August 30, 2024, 01:30:25 PM
Quote from: _act_ on August 29, 2024, 04:34:12 PM
This was what Binance CEO Richard Teng talked about it on X:

Quote from: https://x.com/_RichardTeng/status/1828688000894787800
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform. 

Most importantly, we hope for a lasting peace throughout the region.[/li][/list]

But I do not really care about what it is. People should have known by now that if it is not their keys it is not their coins. They can make use of noncustodial wallet and have their one private keys which give complete control over their own coins.

Exactly, if you put your money on third party such as Binance, then you just don't know as they have the capacity to freeze it no matter what. And we have seen it throughout crypto's history that there are such cases.

And it is even pronounced now that Durov has been accused of his apps being used as well by criminals, terrorists, and other any acts of violence.
Title: Re: Binance seize assets of Palestinian users
Post by: Cryptsafe on August 30, 2024, 02:47:03 PM
Although hearing this update pissed my off so bad that I couldn't get over it. How can a cex sieze the assets of people just like that because some one out there asked them to do so citing reasons best known to them. Although binance is a good exchange but they are censored and will always work inline with the government of any nation they find themselves as long as it would be of benefit to them.

This would serve as a lesson to those who have their assets kept on cex. As long as they have no access to the private keys to their cex wallet, the coin there doesn't belong to them and the exchange can do whatever they like as it pleases them. Do not fall victim to this kind of situation. All keep your assets in your self custodial wallet to avoid unfortunate situations like this in the future.

"Not your keys, not your coin "
Title: Re: Binance seize assets of Palestinian users
Post by: Dr.Bitcoin_Strange on August 30, 2024, 03:52:25 PM
But then again, what if this is actually true? Before leading such an campaign, have you confirmed that this account freeze affected all Palestinian users? Because if you've got no proof on that, then I strongly believe you're picking the wrong side. Yes I'm q big fan of decentralisation, privacy and anonymity,  and crypto provides all of these, but what I'm not supporting is people taking advantage of the freedom that cryptocurrency has given to use and using it for their selfish interests.  The reason why some people dislike the idea of cryptocurrency gaining mass adoption ( that includes some governments) is because of cases where individuals try to hide under the umbrella of crypto and conducting some illegal transactions,  that's like giving a bad name to crypto and its an act that should be frowned upon. If truly the affected accounts are guilty of the crimes as charged/accused then I don't think Binance has done any wrong by preventing a crime. Except of course the news and report is actually crap.
Title: Re: Binance seize assets of Palestinian users
Post by: PX-Z on August 30, 2024, 04:01:19 PM
Quote from: Crypto_Potato on August 29, 2024, 04:02:33 PM
...
Binance went ahead and seized assets of all Palestinian users they have under the orders of the IDF further encouraging the Genocide of the people of Gaza...
I suggest you to confirm from different sources including the affected users, the company and some news everything what you read online before believing and blindly spreading misinformation especially to a community forum.
Title: Re: Binance seize assets of Palestinian users
Post by: gunhell16 on August 30, 2024, 04:47:23 PM
Quote from: Crypto_Potato on August 29, 2024, 04:02:33 PM
I never really was a Binance fanboy in the first place, barely use them this days because of regulations but boy I'm annoyed about their latest actions

Binance went ahead and seized assets of all Palestinian users they have under the orders of the IDF further encouraging the Genocide of the people of Gaza. Binance did release a claim that it was accounts linked with terrorism that were frozen but we ain't buying that crap. People have started a trend to boycott them and I really hope they lose users massively

I'm happy other CEXs haven't done the same stupid crap they did

That's why when we use the Cex platform, we should know that it's like a bank that once we put money in, they have the right to the assets we have with them. Especially if there is a sudden problem, they will not tell their users of their platform.

And usually what other cex site platforms do is that they suddenly hold or freeze the accounts of their clients without any opposition. That's the risk that other cex users always face; that's why others gamble with those on the top exchange so that at least they can feel a lot of trust, although there is still a risk.
Title: Re: Binance seize assets of Palestinian users
Post by: Altlover on August 30, 2024, 05:32:30 PM
Quote from: _act_ on August 29, 2024, 04:34:12 PM
This was what Binance CEO Richard Teng talked about it on X:These wallets allow users to manage their own private keys, providing complete control over their funds. They come with the responsibility of securing your private keys but ensure that your assets are not reliant on a thirdEducating people about the importance of private keys and the risks of custodial solutions is crucial. Many users may not fully understand these concepts, so raising awareness can help them make informed decisions about their assets.In summary, while noncustodial wallets give individuals complete control over their cryptocurrencies, it’s important to ensure that users understand the responsibilities and risks involved in managing their own private keys.

Quote from: https://x.com/_RichardTeng/status/1828688000894787800
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform. 

Most importantly, we hope for a lasting peace throughout the region.[/li][/list]

But I do not really care about what it is. People should have known by now that if it is not their keys it is not their coins. They can make use of noncustodial wallet and have their one private keys which give complete control over their own coins.
Title: Re: Binance seize assets of Palestinian users
Post by: MUGNIA on August 30, 2024, 06:21:35 PM
Is there any real evidence of the seizure of Palestinian assets, it can be said that there are pictures or statements from Binance doing so, I am a little doubtful if this happens, is this just a political game or I also do not know with this commotion, hopefully everything will be fine without any party being harmed
Title: Re: Binance seize assets of Palestinian users
Post by: Mr. Magkaisa on August 30, 2024, 07:38:09 PM
Quote from: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
Its the way adopt by whales how to make many people get panic for selling their bitcoin and altcoin assets or moving from binance to any exchange market. Please for the next time stop publishing any news without check the information is true or not because many people got panic with fake news.

        -      Yes, you are right, the spread of fake news in this day and age is doing something else, just one post on social media will be read by millions of users in different parts of the world. Although, even if binance caught up with such Fuds, it cannot be denied that it still caused damage to them.

Especially among its users who may have also believed immediately and others even panicked for sure about such information which is not true in the end.
Title: Re: Binance seize assets of Palestinian users
Post by: electronicash on August 30, 2024, 07:59:55 PM
i find it hard to believe too. Binance will not care where your coins come from as long as its link tagged, they will let those coins flow. if they would do this to Palestinians, it would likely be under the orders of the Palestinian government.

the exchange is not seizing anything from users. the company is bigger than a country. but if you want your funds to be safer, get it our of the centralized exchange like Binance. its always the most recommended thing to do.
Title: Re: Binance seize assets of Palestinian users
Post by: Vx1 on August 30, 2024, 08:20:24 PM
This news also reached my community here, I actually disagree if it is true that Binance confiscated Palestinian assets. Binance should be neutral, because many Binance users support both countries. But I am just a regular user, all authority is on Binance's side. And if I don't like Binance anymore, I will immediately leave it and find a new exchange to trade crypto later.
Title: Re: Binance seize assets of Palestinian users
Post by: Gurujebs on August 30, 2024, 08:27:39 PM
Quote from: Crypto_Potato on August 29, 2024, 04:02:33 PM
I never really was a Binance fanboy in the first place, barely use them this days because of regulations but boy I'm annoyed about their latest actions

Binance went ahead and seized assets of all Palestinian users they have under the orders of the IDF further encouraging the Genocide of the people of Gaza. Binance did release a claim that it was accounts linked with terrorism that were frozen but we ain't buying that crap. People have started a trend to boycott them and I really hope they lose users massively

I'm happy other CEXs haven't done the same stupid crap they did

Anytime something doesn't go the way a particular country or government want it, they go ahead and makes stupid move. I really wish there is a law that can help people fight for their right when such things happen. One useless government can't just sit in one corner and give instructions on what to do, the world doesn't revolve round around just  country, we all matters.

This is a warning to everyone who put centralized exchanges as priority for managing their coins and see them as the safe way to keep coins, this is just one of them the exchanges just displayed. If you don't want this to happen to you, avoid them as place to keep your coins.
Title: Re: Binance seize assets of Palestinian users
Post by: Cryptsafe on August 30, 2024, 08:31:42 PM
Quote from: electronicash on August 30, 2024, 07:59:55 PM
i find it hard to believe too. Binance will not care where your coins come from as long as its link tagged, they will let those coins flow. if they would do this to Palestinians, it would likely be under the orders of the Palestinian government.

the exchange is not seizing anything from users. the company is bigger than a country. but if you want your funds to be safer, get it our of the centralized exchange like Binance. its always the most recommended thing to do.

I believe they acted in instructions and in accordance with the government of Palestine directives because I do not see any tangible reasons why binance would sieze peoples assets just like that. They are not bankrupt or owing any loan to have taken such drastic measures but however, there is every possibility that they were following the instructions of the Palestinian authority to doing so.
The best thing is just for users to always store their assets in their self custodial wallet to avoid situations such as this.
Title: Re: Binance seize assets of Palestinian users
Post by: 0t3p0t on August 30, 2024, 08:42:19 PM
Quote from: _act_ on August 29, 2024, 04:34:12 PM
This was what Binance CEO Richard Teng talked about it on X:

Quote from: https://x.com/_RichardTeng/status/1828688000894787800
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.

As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other financial institution. We will continue to educate users on how to safely and securely transact on our platform. 

Most importantly, we hope for a lasting peace throughout the region.[/li][/list]

But I do not really care about what it is. People should have known by now that if it is not their keys it is not their coins. They can make use of noncustodial wallet and have their one private keys which give complete control over their own coins.
True. The governments can really control whatever they want whether we like it or not so yeah non-custodial wallets will make any sense on this but since don't know the truth then I think we leave it there since I am not a pro or anti here but I do hope they are doing great and will get the best action about things needed to be done in a proper way.
Title: Re: Binance seize assets of Palestinian users
Post by: erus on August 31, 2024, 06:41:28 AM
Quote from: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
~snip~
This is good news, thank you for the confirmation because I am also sure that Binance will not arbitrarily block every user from various countries because it will definitely lower Binance's rating. I also have to be more careful in absorbing various news because there tends to be a lot of FUD that is not fair to the real situation.
Title: Re: Binance seize assets of Palestinian users
Post by: bitterguy28 on August 31, 2024, 07:02:46 AM
Quote from: Crypto_Potato on August 29, 2024, 04:02:33 PM
Binance did release a claim that it was accounts linked with terrorism that were frozen but we ain't buying that crap. People have started a trend to boycott them and I really hope they lose users massively
i doubt that it will happen because binance is one if if not the most popular and most used platform unfortunately i don’t think many would be so willing to boycott the platform

i do not really use exchanges to hold my money in fear of this exact situation but i am sure it is incredibly devastating to lose your money on top of losing your home and family
Quote
I'm happy other CEXs haven't done the same stupid crap they did
i wouldn’t be surprised if they follow binance to be honest
Title: Re: Binance seize assets of Palestinian users
Post by: target on August 31, 2024, 07:59:03 AM
Quote from: erus on August 31, 2024, 06:41:28 AM
Quote from: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
~snip~
This is good news, thank you for the confirmation because I am also sure that Binance will not arbitrarily block every user from various countries because it will definitely lower Binance's rating. I also have to be more careful in absorbing various news because there tends to be a lot of FUD that is not fair to the real situation.

Competitors always wants to ruin the reputation of the top exchanges. Binance being the number 1 for a long time made the competition so hard for 2nd down to the 10th.

Sad to see crypto news site reposted the first information they get without verifying. I think they only want to be the first to publish not minding whether data is true.
Title: Re: Binance seize assets of Palestinian users
Post by: Cryptsafe on August 31, 2024, 12:13:09 PM
Quote from: target on August 31, 2024, 07:59:03 AM
Quote from: erus on August 31, 2024, 06:41:28 AM
Quote from: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
~snip~
This is good news, thank you for the confirmation because I am also sure that Binance will not arbitrarily block every user from various countries because it will definitely lower Binance's rating. I also have to be more careful in absorbing various news because there tends to be a lot of FUD that is not fair to the real situation.

Sad to see crypto news site reposted the first information they get without verifying. I think they only want to be the first to publish not minding whether data is true.
This is absolutely insane. I wonder if they really take out time to do an investigative journalism before they engage in their works before they make publication. These errors have caused many their reputation just because of the silly mistake of some so-called news vendors without proper research and findings. I think these news bloggers should begin give account of their publications because many things have happened as a result of their unverified information. For instance this case as mentioned by OP here, wasn't properly verified before they were quick to publish and here we see the CEO coming out to say another thing now which do we believe and who is to be held responsible for the information wrongly released to the public.

They always wants to be the first to share news feed but forgot to always do a proper verification before making such information public. They forget that information could make or mar reputations and when such happens, a whole damage must have been caused which would not be easy to regain. I think news site should be held accountable for news and information they disseminate to forestall further happenings of this nature in the future.
Title: Re: Binance seize assets of Palestinian users
Post by: erus on September 01, 2024, 05:58:09 AM
Quote from: target on August 31, 2024, 07:59:03 AM
Quote from: erus on August 31, 2024, 06:41:28 AM
Quote from: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
~snip~
This is good news, thank you for the confirmation because I am also sure that Binance will not arbitrarily block every user from various countries because it will definitely lower Binance's rating. I also have to be more careful in absorbing various news because there tends to be a lot of FUD that is not fair to the real situation.
Competitors always wants to ruin the reputation of the top exchanges. Binance being the number 1 for a long time made the competition so hard for 2nd down to the 10th.
~snip~
What do you mean about number 2 dropping to number 10? Is that about Binance exchange ranking?

(https://i.imgur.com/LdNNRoU.jpeg)

Because I saw on Coinmarket the Exchange version for Binance is still in the number 1 ranking position, as I showed in the screenshot above. Or what do you think the second ranking is about?
Title: Re: Binance seize assets of Palestinian users
Post by: Bobcrypto on September 01, 2024, 08:44:27 AM
Quote from: Crypto_Potato on August 29, 2024, 04:02:33 PM
I never really was a Binance fanboy in the first place, barely use them this days because of regulations but boy I'm annoyed about their latest actions

Binance went ahead and seized assets of all Palestinian users they have under the orders of the IDF further encouraging the Genocide of the people of Gaza. Binance did release a claim that it was accounts linked with terrorism that were frozen but we ain't buying that crap. People have started a trend to boycott them and I really hope they lose users massively

I'm happy other CEXs haven't done the same stupid crap they did

First, this post should be redirected to the news column of the forum to make it unique.
Now, the news has not being confirmed to be truth and there are users who has different view of the news about Binance seizure of Palestinians users assets. In my opinion, I think it is an unconfirmed news. As far as I know, Binance is doing every thing possible within it's power to avoid any link with terrorist accounts from different part of the world. Binance is maintaining a global standards in term of meeting up with established law or regulations everywhere they are doing business.
Title: Re: Binance seize assets of Palestinian users
Post by: koang on September 01, 2024, 09:17:43 AM
Quote from: bounceback on August 30, 2024, 11:02:18 AM
Binance's CEO have released new announcement about hot issues recently about Binance seize assets of Palestinian users are fake news, Binance CEO confirmed never seize Palestinian assets in Binance and they are ability access to Binance and withdrawing their assets. I think its bad news and easily many top cryptocurrency news publishing with bad news without get permission or confirmation firstly from Binance CEO.
Its the way adopt by whales how to make many people get panic for selling their bitcoin and altcoin assets or moving from binance to any exchange market. Please for the next time stop publishing any news without check the information is true or not because many people got panic with fake news.

The story that was circulated was that all money had been taken from all  Palestinians.
To date, I have seen zero evidence to substantiate claims that Binance did anything outside of normal behavior for an exchange.
And maybe you are right, the whales are spreading bad news about Binance to manipulate the price
But it would be interesting to see what Binance would do if a country identified Israel as a terrorist and requested the same :)
Title: Re: Binance seize assets of Palestinian users
Post by: Cryptsafe on September 03, 2024, 08:21:31 PM
Quote from: Bobcrypto on September 01, 2024, 08:44:27 AM
As far as I know, Binance is doing every thing possible within it's power to avoid any link with terrorist accounts from different part of the world. Binance is maintaining a global standards in term of meeting up with established law or regulations everywhere they are doing business.

This is one of the utmost priority of crypto exchanges; to maintain global standard and a terrorism  free trade. However, I think binance is just trying to clear their name avoiding anything that would link them to trade involving terrorist on their platform and also following the government directives because if they fail to do so they might hit a brick wall falling out with the government and that would put the already established audience they have in that country at risk making them loose the customers which is not a good one for any business of that nature. On a normal obeying government directives is just what every organization would do as long as they find themselves within the jurisdiction of the government. So after much findings, I believe they did that just to make sure they are on the same side with government to avoid being tagged a terrorist supporting exchange which would affect their business.