Binance News: Did the Exchange Seize Palestinian Funds? CEO Richard Teng Responds!
The post Binance News: Did the Exchange Seize Palestinian Funds? CEO Richard Teng Responds! appeared first on Coinpedia Fintech News
Leading cryptocurrency exchange Binance has distanced itself from possible discrimination of the Palestinian crypto users in favor of the Israeli government. Earlier today, a report circulated on the internet that Binance exchange had seized all the funds belonging to Palestinian users at the request of the Israeli government.
However, Binance CEO Richard Teng has discredited this claim to quell speculation of possible freezing of users’ assets without proper course. Teng noted in an X statement that only a limited number of user accounts, which were linked to illicit activities, were blocked from operating.
“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,”
Teng noted.
The crypto exchange has called on users to approach the web3 industry equipped with the necessary knowledge to avoid falling victim to fraudulent transactions. Furthermore, Binance is regulated in 19 countries and adheres to the set anti-money laundering laws like any other financial institution including in India and the UAE.
Important: Stay away from FUD.
Binance remains committed to educating users on secure transactions and hopes for lasting peace in the region. https://t.co/4xekooptbS
— Diana
(@dianabinance) August 28, 2024
Impact on Binance Ecosystem
Amid the ongoing crypto correction led by Bitcoin, Binance’s native coin BNB has not been spared. According to the latest market data, BNB’s price dropped over 3 percent in the past 24 hours to trade at about $537 on Wednesday during the mid-London session.
Since hitting its all-time high earlier this year, the large-cap altcoin, with a fully diluted valuation of about $78 billion and a daily average traded volume of over $1.1 billion, has been trapped in a falling trend.
However, the release of former CEO Changpeng Zhao from prison in the United States will play a crucial role in rejuvenating BNB’s bullish outlook.
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