Binance Responds To Reuters’ Report On Accounts With Terrorism Links 14

Binance Responds To Reuters’ Report On Accounts With Terrorism Links

  • Binance has responded to a report from Reuters which claimed that the exchange entertained accounts linked to terror outfits.
  • Reuter recently reported that Israel had seized 190 Binance accounts linked to terrorist outfits like the Islamic State. 
  • The crypto exchange called out Reuters for deliberately leaving out critical facts to fit their narrative.

The world’s largest crypto exchange has taken issue with a recent report published by Reuters. In a response posted earlier today, Binance accused the mainstream media firm of engaging in narrative journalism by way of selective reporting regarding the crypto exchange’s compliance policies to fit their narrative. 

Binance: Reuters Is Deliberately Leaving Out Critical Facts

Reuters published a report on May 4, 2023, which revealed that Israel’s National Bureau for Counter Terror Financing (NBCTF) had confiscated two Binance accounts in January this year. As per documents on NBCTF’s official website, the accounts were affiliated with the Islamic State and were seized to “thwart the activity” of the Islamic State and prevent it from furthering its terror-related goals. Reuters further reported that the Israeli agency had seized around 190 Binance accounts since 2021, dozens of which were owned by Palestinian firms linked to the Islamist Hamas group.

According to Reuters, almost all of the 190 accounts seized by Israeli authorities since 2021 were owned by three currency exchange outfits based in Palestine. All three have reportedly been designated as terrorist organizations by Israel due to their role in transferring funds by the Hamas group. Al Mutahadun For Exchange, Dubai Company for Exchange, and Al Wefaq Co. For Exchange, the three Palestinian firms were reportedly behind more than 80 Binance accounts that held over $137,000.

In response to the Reuters article, Binance shared its side of the case in a blog post earlier today. The crypto exchange accused Reuters of “deliberately leaving out critical facts to fit their narrative.” The firm took particular issue with the allegations made against its compliance team, which reportedly consists of 750 members with backgrounds in regulatory agencies and law enforcement. 

Binance claimed that no other crypto exchange or financial institution did more to keep bad actors away and restrict unethical conduct. The exchange argued that criminal enterprises don’t register on the platform using their real identities which makes it difficult to root them out. 

Almost half of our compliance team are involved in sanctions control work such as anti-money laundering, name screening, Know Your Customer (KYC) onboarding, and on-chain monitoring.”

The crypto exchange stated that it was constantly working with law enforcement agencies around the world to make the platform safer and limit the access of bad actors. To make its case for legal compliance, the exchange revealed that it had already facilitated the seizure of more than $1 billion following requests by law enforcement agencies.