Binance, the world’s largest cryptocurrency exchange, has pushed back against recent requests from the Israeli military to freeze crypto wallets linked to Palestinians and other individuals in the region.
According to Binance’s global head of financial crime investigations, Nils Anderson Röed, the platform has rejected 86% of these requests due to a lack of supporting evidence.
Röed emphasized that Binance’s decision-making process involves conducting independent investigations to ensure compliance with international law while safeguarding the rights of its users.
This approach contrasts with claims that Binance blindly follows governmental directives, highlighting its commitment to thorough due diligence in politically sensitive regions like the Middle East.
Binance Rejects Majority of Israeli Military Requests
During a recent interview, Röed detailed how Binance manages incoming requests from the Israeli Defense Forces (IDF).
He explained that Binance does not rely solely on external reports but conducts its own open-source intelligence research. In a specific case involving over 1,500 wallet freeze requests from the IDF, Binance found that only 220 wallets (14% of the total) were legitimately connected to illicit activities.
The rest of the wallets were left untouched, ensuring that the company does not inadvertently block lawful transactions.
Balancing Compliance and User Rights
Röed revealed that Binance’s financial crime investigations team works closely with its legal department and consults with law enforcement agencies to make well-informed decisions. For instance, the IDF might classify a wallet as linked to terrorism financing, while Binance’s independent analysis could show that the wallet is connected to a charity.
Such discrepancies are resolved through discussions with legal experts and compliance officers before taking any action.
Röed, a cybersecurity veteran with extensive experience at Europol and the Dutch government, noted that Binance allocates additional resources to address complex cases in volatile regions like the Middle East. This process helps ensure that Binance’s actions are in line with international legal standards and do not unjustly affect its users.
Ensuring Transparent and Responsible Practices
In August, Binance CEO Richard Teng denied allegations that the company froze all Palestinian wallets at the IDF’s request.
He clarified that the exchange only froze wallets with clear links to illicit activities, demonstrating Binance’s adherence to transparency and fair practices.
Röed highlighted that maintaining compliance without compromising user rights is a priority for Binance, especially in regions where political and financial issues intersect.
Key Takeaways:
86% of Israeli military requests to freeze wallets were rejected by Binance due to insufficient evidence.
Binance uses independent investigations and cross-checks to validate claims, ensuring actions comply with international laws.
CEO Richard Teng stated that only 14% of requested wallet freezes were tied to illicit activities, reinforcing Binance’s commitment to user protection and transparency.
This case illustrates Binance’s ongoing efforts to uphold a balanced approach between regulatory compliance and safeguarding user rights, even amid heightened geopolitical tensions.
The post Binance Pushes Back on Israeli Military Requests to Freeze Crypto Wallets appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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