- Paxful CEO Ray Youssef accuses Binance of planting fake FUD about Palestinian accounts.
- Youssef alleges Binance aids Israel by freezing Palestinian accounts upon IDF request.
- Binance CEO Richard Teng denies allegations.
Binance exchange is under fire for allegedly freezing Palestinian accounts at the request of Israeli authorities. Paxful CEO Ray Youssef accused Binance of spreading disinformation to cover up its involvement.
The controversy began after Binance was accused of suspending Palestinian accounts. Polish entrepreneur Adrian Zduńczyk alerted the community to potential foul play by competitors offering $20,000 for spreading Binance FUD.
Binance responded by acknowledging competition within the crypto space and urging users to conduct their own research. However, Youssef dismissed Binance’s explanation, accusing them of spreading false information to protect themselves, stating.
“It is truly disgusting and out of the CIA and Mossad playbook. Binance is planting fake FUD to shield itself,”
Youssef accused Binance of aiding Israel in the ongoing Israeli-Palestinian war. According to the Paxful CEO, the exchange suspended Palestinian accounts at the request of the Israel Defense Forces.
Youssef shared a letter in Hebrew from Paul Landes, head of Israel’s National Bureau for Counter Terror Financing, with a translation. The letter rejects an appeal against a seizure order dating from November 1, 2023, and mentions that funds were transferred from the Dubai Exchange Company in the Gaza Strip to cryptographic wallets, including those of the recipients. According to the letter, the Dubai Exchange Company was designated a terrorist organization in 2022.
The Paxful chief also released a clip allegedly showing a message from Binance’s customer service affirming the freezing of Palestinian assets was ordered by Israeli law enforcement. Binance CEO Richard Teng denied these allegations, stating only a limited number of user accounts linked to illicit funds were blocked. He accused the reports of spreading fear, uncertainty, and doubt (FUD).
Binance has a history of cooperating with Israeli authorities to combat terrorism. However, the current allegations could push users to search for more decentralized platforms.
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