David Edwards
Binance CEO Richard Teng has addressed concerns from the community that the company is sanctioning Palestinian accounts at Israel’s request. A letter circulating on X social media claimed that Binance had agreed to freeze the accounts of “all Palestinians.”
Richard Teng clarified the situation, describing the news as mere FUD (fear, uncertainty, and doubt). He explained that only a small number of accounts were affected, and these were linked to illicit transactions.
“As a global crypto exchange, we comply with internationally accepted anti-money laundering regulations, just like any other financial institution,” Teng stated. He also mentioned that Binance is committed to educating users on safe and secure transactions on their platform.
Despite being the largest trading platform in the industry, Binance frequently faces backlash. This latest FUD comes at a time when the exchange is trying to resolve various operational challenges in key markets. Teng indicated that Binance aims to maintain peace and stability in the region.
The broader crypto community has been vocal against any form of censorship within the industry. The recent arrest of Telegram Founder Pavel Durov in France, which triggered public outrage, underscores this sentiment. Binance, therefore, must avoid becoming entangled in a censorship controversy. With the market currently bearish, and Binance Coin (BNB) having dropped by 3% to $538.47, negative public opinion could further impact BNB’s price in the midterm.
