Binance co-founder Yi He has strongly denied claims that the crypto exchange seized assets from Palestinians, stating that only accounts linked to illicit funds were blocked in compliance with anti-money laundering regulations.

Binance Denies Seizing Palestinian Assets

There was an outcry as accusations surfaced accusing Binance, the biggest cryptocurrency exchange in the world, of stealing digital assets from Palestinians.

Nevertheless, Yi He, co-founder of Binance, has denied the claims and stated that the only user accounts that were frozen were those associated with illegal funds in order to adhere to regulations against money laundering.

The 28th of August saw Binance co-founder Ye Hi deny allegations that the cryptocurrency exchange had taken assets from Palestinians. According to her, the affected user accounts were quite small and had no connection to illegal cash. Alleged ties to terrorist groups led to the deactivation of these accounts.

Global Crypto Exchange Compliance Assured

“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,” Ye Hi stated.

In addition, she assured X users that Palestinians residing in occupied territories are free to use Binance and withdraw their assets as before.

"There are hundred level of accounts involved in illegal capital inflows," Ye Hi stated, although she did not specify how many accounts were impacted by the measure. Additionally, she emphasized that blockchain is open to the public and allows anybody to verify the specifics of the trade.

Analyst Rejects Accusations Against Binance

Michael van de Poppe, a well-known analyst, was among several important individuals who rejected the accusations. He maintains that the claims were baseless and that the goal was never to confiscate Palestinian assets in their entirety.