9 months ago
Binance Sued Over Alleged Terror Funding
Families of people hurt or killed in a terrorist attack in Israel are suing a big company called Binance.
They say Binance helped groups like Hamas by moving lots of money for them.
The families say Binance didn't check who was using their system and let bad people move money easily.
The company's boss, CZ, was even punished before but got a pardon.
The families want Binance to pay for what they did.
They say Binance knew about these bad groups using their system but didn't stop them.
The case is in a court in North Dakota.
Families of 300 Americans affected by the 7 October Hamas attack are suing Binance.
They accuse Binance of facilitating over $1 billion in transactions to support terrorist groups like Hamas and Hezbollah.
The case was submitted to a federal court in North Dakota on 24th November.
Binance's founder, Changpeng Zhao (CZ), was pardoned by President Donald Trump after pleading guilty to money laundering.
The lawsuit alleges that Binance ignored security checks and compliance alerts, allowing terrorists to use their platform.
- Who
- Families of 300 Americans affected by the 7 October Hamas attack
- What
- Suing Binance for allegedly supporting terrorist organizations
- Where
- Federal court in North Dakota
- When
- Case submitted on 24th November
- Why
- Accusations of Binance facilitating over $1 billion in transactions to support terrorist groups
Key facts
- Plaintiffs
- Families of 300 Americans affected by 7 October Hamas attack
- Accusations
- Supporting Hamas and other terrorist organizations
- Amount Involved
- Over $1 billion
- Court Location
- Federal court in North Dakota
- Key Figures
- Changpeng Zhao (CZ) and Guangying “Heina” Chen
- Terror Groups Mentioned
- Hamas, Hezbollah, Iran’s Islamic Revolutionary Guard Corps, Palestinian Islamic Jihad (PIJ)
- Fines Paid by Binance
- CZ's Sentence
- 4-month prison sentence, $50 million fine, later pardoned by Trump
Quotes
The complaint
The legal document filed by the plaintiffs
“Binance not only knowingly provided financial services to Hamas; it actively tried to shield its Hamas customers and their funds from scrutiny by US regulators or law enforcement—a practice that continues to this day.”
opindia.com
“The company knowingly sent and received the equivalent of more than $1 billion to and from accounts and wallets controlled by (foreign terrorist organisations) responsible for the 7th October attacks.”
opindia.com
Attorney Jonathan Missner
Representative of over 70 families listed as plaintiffs in the case
“This was not a compliance lapse; it was a business model. Our investigation shows that Binance built systems designed to evade oversight, using its off-chain network and weak controls to move enormous sums for sanctioned groups.”
opindia.com
The plaintiffs
The families of 300 Americans affected by the 7th October Hamas attack on Israel
“Years before 7th October, Binance knew that Hamas, the (Islamic Revolutionary Guard Corps of Iran), Hezbollah, (Palestinian Islamic Jihad) and other terrorist organisations were all transacting regularly on its platform and nevertheless actively assisted their use of the platform. It did so at a time when Hamas, in particular, was publicly directing its donors to send funds to so-called ‘crypto wallets’ held with Binance.”
opindia.com
Treasury Secretary Janet Yellen
Head of the United States Department of the Treasury
“Binance turned a blind eye to its legal obligations in the pursuit of profit. Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”
opindia.com
A judge
Judge during Zhao’s trial
“Binance’s growth and profits over compliance with US laws and regulations.”
opindia.com
Sources
Related news
Israeli Airstrike Kills Three in West Bank, Sparking Disputes
Alleged ISIS-Inspired Plot to Bomb New York Capitol Disrupted
Kushner meets Hamas in Egypt amid Gaza plan opposition
Kushner, Sisi discuss Gaza ceasefire as Israeli strikes resume
Iran Demands US Concessions Before Reopening Strait of Hormuz
