Binance, one of the largest crypto exchanges by volume, has faced recent criticism on social media platforms like X.
Binance notes $2.8 billion in Bitcoin outflows, third largest exchange outflow this year, on Tuesday. The crypto exchange faces criticism for the alleged confiscation of Palestinian users’ funds. Binance denied reports and states that only a small number of accounts were restricted on account of illicit transactions. Crypto traders slammed the exchange for allegedly confiscating assets of Palestinian users.
The exchange clarified its stance on the matter and denied the allegations. In a Cointelegraph report, Binance said that the move to restrict was made on the grounds of illicit transaction activity in some accounts of users. Binance told the firm that the restrictions placed by the exchange affected an “insignificant” number of users and said: There have been some incorrect statements around this. Only a small number of user accounts, linked to illicit funds, were blocked from transacting.
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