As a seasoned analyst with extensive experience in the cryptocurrency sector, I find myself intrigued by this unfolding saga between Richard Teng of Binance and Ray Youssef of NoOnes. The allegations made by Youssef against Binance are indeed serious, and it is crucial for both parties to address them transparently and professionally.
Richard Teng denies accusations put forth by Ray Youssef, creator of the decentralized Bitcoin (BTC) trading platform NoOnes, claiming that the digital currency exchange unlawfully seized Palestinian funds on the platform due to a demand from Israeli officials.
The controversy started following Youssef’s August 26 message on X, where he accused Binance of complying with directives to freeze accounts connected to Palestinian users.
Teng Dismisses Assertions as “FUD,” Youssef Fires Back
In a social media post on August 28th, Teng dismissed these allegations as “FUD,” short for fear, uncertainty, and doubt. He also clarified that only a select few accounts were restricted from carrying out transactions, all of which had ties to illegal funds.
Changpeng Zhao, Binance’s CEO, pointed out that certain statements regarding the matter were misleading. He underscored that, being a worldwide cryptocurrency exchange, his firm strictly follows international anti-money laundering guidelines, much like traditional financial institutions do.
The post also expressed his desire for peace, “Most importantly, we hope for a lasting peace throughout the region.”
However, Youssef responded to Teng’s statement, condemning it as an attempt to downplay the situation. “This whitewashed gibberish will not work and only makes you look worse,” he retorted.
The founder of NoOne claimed that Binance is succumbing to pressure from regulatory bodies, implying that the firm has little option other than to oblige, given the supposed power Israel wields over international financial and media systems according to his allegations.
He asserted that indeed, the Israelis possess significant influence, as they seem to have command over the most powerful country globally – the United States, and they also appear to manage the worldwide financial and media systems.
The Allegations
Initially, Youssef’s post featured what appeared to be a letter penned by Paul Landes, who is said to be the head of Israel’s National Bureau for Counter Terror Financing. This document was accompanied by an English translation.
The court declined to consider an appeal challenging a confiscation decree issued on November 1, 2023, and hinted at transactions between the Dubai Exchange Company in Gaza and several cryptocurrency wallets. However, they failed to disclose the intended parties for these transfers.
In 2022, the linked funds were traced back to organizations designated as terrorist entities by the nation’s Minister of Defense. Among these was the Dubai Exchange Company that had been mentioned earlier.
As a crypto investor, I’ve learned that recent moves to restrict certain accounts on the world’s largest cryptocurrency exchange were carried out in compliance with an order from Israeli authorities. They asserted that the funds involved were being channeled towards organizations labeled as terrorist entities under their anti-terrorism legislation.
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2024-08-30 07:18