İstanbul escort bayan sivas escort samsun escort bayan sakarya escort Muğla escort Mersin escort Escort malatya Escort konya Kocaeli Escort Kayseri Escort izmir escort bayan hatay bayan escort antep Escort bayan eskişehir escort bayan erzurum escort bayan elazığ escort diyarbakır escort escort bayan Çanakkale Bursa Escort bayan Balıkesir escort aydın Escort Antalya Escort ankara bayan escort Adana Escort bayan

24.4 C
New York

Lawsuit Targets Binance Over Alleged Connection to Hamas Violence


Binance, a prominent cryptocurrency company founded by Changpeng Zhao, is currently facing a federal lawsuit filed by individuals who claim to be victims of the terrorist group Hamas.

The lawsuit, brought forth in Manhattan, is spearheaded by Judith Raanan, an American who was held captive by Hamas in Gaza, along with the families of Itay Glisko and Dr. Daniel Levi Ludmir, who were affected by an attack on October 7. The lawsuit also lists Iran and Syria as defendants.

The primary accusation is that Binance permitted Hamas to engage in transactions on its platform, thereby aiding in the funding of violent activities and the recruitment of individuals for such actions. This information was initially reported by Bloomberg.

READ ALSO:China’s Digital Yuan Hits New Milestone, records $250 Billion in Transactions

The plaintiffs, represented by attorney Robert Seiden, are confident that they have a strong case under US law, including the anti-terrorism act, and are seeking significant damages.

Seiden emphasizes their determination to hold accountable those who support terrorism.

What you should know

The lawsuit filed in the Binance case alleges that Hamas’s military wing, the al-Qassam Brigades, used Bitcoin transactions to raise funds for the Palestinian resistance. These transactions, totaling over 1.1 million and valued at $899 million, are said to have violated US sanctions.

Additionally, the complaint asserts that Iran has been a major supporter of Hamas terrorism, consistently providing significant funding for weapons and terrorist activities. Syria, labeled as a “cradle of Hamas terrorism,” is accused of contributing to the group’s military capabilities leading up to the October 7 attack.

The plaintiffs are seeking damages against Iran and Syria as state sponsors of terrorism, while also holding Binance accountable for allegedly assisting a terrorist organization.

Judith Raanan’s daughter, Natalie, and her ex-husband are also listed as plaintiffs in the lawsuit. This legal action signifies a significant development following the Hamas attack, with expectations of further litigation against the terrorist organization and its affiliated networks.

More Details

Following a regulatory and criminal probe into Binance last year, its U.S. arm, along with former CEO Changpeng Zhao, faced heightened scrutiny. Against the backdrop of concerns stemming from the FTX collapse, questions arose about the resilience of Binance’s institutional framework.

However, Binance took proactive steps by agreeing to a significant $4.3 billion settlement with U.S. regulators, acknowledging various alleged breaches. The legal consequences also affected Changpeng Zhao, who resigned and awaits sentencing for violating banking regulations.

Richard Teng has since assumed the role of Binance’s CEO, succeeding Zhao, leading the world’s largest cryptocurrency company valued at $60 billion. Teng previously served as the Global Head of Regional Markets.

Despite facing legal and regulatory hurdles, Binance witnessed a decline in its market share, dropping from 60% to around 43%. However, recent data suggests a recovery, with its market share rebounding to over 50% in trade volume as of January 31, 2024.

Notably, Binance demonstrated resilience by overseeing an impressive $23 trillion in trade transactions throughout 2022.

Established in 2017 by Changpeng Zhao, a developer experienced in high-frequency trading software, Binance initially operated in China. However, due to regulatory restrictions imposed by the Chinese government on cryptocurrency firms, the company promptly relocated to Japan.

Related articles

Recent articles