Global cryptocurrency exchange firm, Binance has allegedly seized crypto holdings belonging to Palestinians to comply with requests from the Israeli Defense Forces (IDF) administration.
However, Binance denied the allegations and stated that only a small number of accounts were frozen.
According to the CEO of the Noones P2P platform, Ray Youssef said Binance has confiscated all funds from all Palestinians as requested by the IDF and they have refused to return the funds despite appeals.
He considers the action to be a form of oppression and expects that other Middle Eastern countries such as Lebanon and Syria will follow suit.
Every holder of crypto digital assets is entitled to equal treatment and no party can restrict the freedom of users.
The restrictive measure is one of the initiatives by the Israel National Bureau to limit funds entering the country.
Israel's Defense Minister has mentioned that the anti-terrorism law allows for the temporary seizure of property of terrorist organizations including cryptocurrencies.
Meanwhile, Palestinian user traffic on the Binance platform has jumped more than 80% since August 2023.
