Binance seize assets of Palestinian users

[Crypto_Potato]

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

[_act_]

This was what Binance CEO Richard Teng talked about it on X:

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.

[luckyledger]

This was what Binance CEO Richard Teng talked about it on X:

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.

[TomPluz]

This was what Binance CEO Richard Teng talked about it on X:

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.

[bounceback]

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.

[Jating]

This was what Binance CEO Richard Teng talked about it on X:

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.

[Cryptsafe]

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 "

[Dr.Bitcoin_Strange]

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.

[PX-Z]

...
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.

[gunhell16]

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.

[Altlover]

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.

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.

[MUGNIA]

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

[Mr. Magkaisa]

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.

[electronicash]

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.

[Vx1]

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.