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Richard Teng, the CEO of Binance Exchange, has addressed recent FUD regarding mass censorship in Palestine.
Taking to social media platform X, Teng says only a few user accounts linked to fraudulent activities were restricted. “There have been some incorrect statements about this,” Teng stated.
Growing FUD Against Binance
The recent fear, uncertainty, and doubt (FUD) spreading in the community originated from accusations against Binance. Binance has seized funds from all Palestinians as requested by the Israel Defense Forces (IDF). Ray Youssef, CEO of the noOnes app, shared a letter that shows Palestinian users who appealed the seizures were denied.
In the letter, officials claim the seizure was under the authority delegated by the Minister of Defense to combat terrorism. The claimants’ appeal was, therefore, rejected because the property in question allegedly has direct ties to a terrorist organization. As read in the letter, the law allows the Minister of Defense to order their seizure by administrative order in preparation for their confiscation.
Adding fire to the matter, Youssef said Binance has been leaking details about every MENA user to the Israeli IDF without a warrant, subpoena, or even a question. As proof, he added the picture of an Israeli National Cybercrime award given to Nils Anderson Roed, the Deputy Head of Financial Crime Compliance at Binance.
This unveiling has raised concerns about the safety of users’ funds deposited on Binance, with some traders threatening to close their accounts.
Richard Teng on Crime Fighting Efforts
In response to these allegations, Teng said Binance complies with internationally accepted anti-money laundering legislation, just like any other financial institution. He added that the team will continue educating users on safe trading on the platform.
As one of the world’s most popular crypto exchanges, Binance has pledged commitment to security and regulatory compliance. In March, Binance partnered with the National Policy Agency of Taiwan to enhance anti-fraud measures. The alliance also helped showcase mutual dedication to maintaining regulatory compliance across the region.
Additionally, Binance created the industry’s first Global Law Enforcement Training Program. This helps law enforcement officials and prosecutors detect financial and cybercrimes. Binance also helps improve user experience by using advanced large language Models (LLMs). It monitors transactions for signs of fraudulent behavior on its P2P platform.
With these continuous efforts, Binance solidifies its position as a global crypto leader and sets a precedence for others.
The Binance Compliance Mission
The exchange has repeatedly said it will continue to protect users’ freedom and privacy. At the same time, the exchange said it is committed to always acting within the law to the best of its ability.
Earlier this month, Binance announced its re-entry into the Indian market following its registration with the Financial Intelligence Unit of India (FIU-IND). The registration highlights Binance’s mission to comply with local laws after the Indian government temporarily banned it.
Binance also received a VASP license in Dubai, while its former CEO, Changpeng Zhao, resigned from the board of the exchange’s Middle East unit. These efforts align with the exchange’s plan to comply with laws in different regions.