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CryptoHeadlineNews

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In response to the accusations, a Binance spokesperson told Anadolu that the claims were inaccurate. The spokesperson clarified that only a limited number of user accounts, which were linked to “illicit funds”, were impacted and prevented from transacting. However, Binance did not specify the extent or value of the “illicit funds” involved.

Source: https://www.google.com/amp/s/www.middleeastmonitor.com/20240828-binances-alleged-seizure-of-palestinian-crypto-funds-sparks-fury/amp/

Judging from the information given above, it's clear not all Palestine user using Binance whose account was blocked, as it was only a few whose accounts was likely to have been linked to either fraud, terrorism and sponsors of the recent war between Israel & Gaza. And as such, the lesson I was able to learn from this is that inasmuch as Bitcoin is a decentralized digital currency, if it's been used for illegal activities on centralized exchanges, it can be confiscated just the same way Binance just did to alleged sponsors of the war against Gaza.

Zaguru12

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Quote from: Hamza2424 on August 28, 2024, 01:51:19 PM

Hmm, yup I do agree you should take all of your assets in your custody, but having all the funds offline which is cold storage is not possible for everyone, as you've mentioned small or big doesn't matter but it does, I've seen people with the portfolio which is not even able to afford a cold storage device, I'm not aware of latest pricing still it's expensive. In my view if you own a small assets portfolio, it's better to switch your funds in self-custody hot wallets like Metamask, Trust Wallet, Electrum, and many other names.

Make sure to check the reputation before choosing as well.

All coins on a cold storage is definitely possible just that it comes at a cost of uneasiness, if you’re someone that actually do transaction’s everyday you can still have the funds on cold storage and just use a watch only wallet on hot storage to broadcast the transaction, although I get your point that it is less easy and more so the cost for them is another concern for someone storing a small amount. That’s why there is self custody hot wallets like you said but still for more easy people still go for exchanges which is the warning here. The risk is not the same with hot wallets.

I get that some people are day traders and need this exchanges most especially future or derivative exchanges, my advice to this set of people is have minimal funds on this exchanges or simply use more than one exchange because they can’t all be doing same thing at the same time.

mpoletiek

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Someone has supposedly been following this story since Oct 2023.

They're conclusion is this isn't happening: https://x.com/flamincrypto/status/1828832506306797926

Pmalek

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Quote from: Ojima-ojo on August 28, 2024, 03:22:34 PM

I have read through all the comments made on this thread to see one Palestinian forum members who also use binance to clear us the air on this issue of binance freezing their accounts and with all the funds in it, but I haven't seen any one making such a comment, which means we are just speculating based on the evidence posted in the ops.

Perhaps they are a bit busy trying not to get shot or bombed. If you haven't noticed, it's hunting season on Palestinians since October, sponsored by the greatest and most democratic nation in the world. Having internet and electricity in Palestine right now is a luxury. Who knows how many accounts Binance has seized and whether or not the people they belonged to are still alive. The dead can't defend themselves or offer explanations.

Taskford

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Quote from: PX-Z on August 28, 2024, 09:50:43 AM

Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

That mean they didn't read the replies of other people and just post then easily believe on what they see from the post made by OP. Maybe they need to learn how to verify the information they read before posting so that they can help their selves not to get feed by fake information they read anywhere.

I also read that article before that they block those accounts due to illegal matters reason and that doesn't include the funds of their government. Again here's a good article to read about that https://www.thehindu.com/sci-tech/technology/binance-says-it-blocked-limited-number-of-palestinian-crypto-accounts-over-illicit-funds/article68576131.ece

Its easy to search and every information we want to get to verify will show up.

Dunamisx

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

I am not a Palestinian and I am not taking any sides but honestly, that same centralised power protecting you can go against you no matter who you are, in this similar situations centralisation sucks.

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Am not against what you are saying either, but in some cases like this, we may have to provide a reference to the article that talked about it, though i understand it was gotten from a social media handle, but what needed in a kind of general issues like this is by seeing other crypto news and updates site taking it, but to my own surprise non, and i don't know how true the whole thing over here could be when there were no evidence, the more reason everyone of us should be learning on why we should take our asset aways from centralized exchanges because they are custodial accounts or platforms and not wallet.

Ojima-ojo

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I have read through all the comments made on this thread to see one Palestinian forum members who also use binance to clear us the air on this issue of binance freezing their accounts and with all the funds in it, but I haven't seen any one making such a comment, which means we are just speculating based on the evidence posted in the ops.

But also I know that if we have any Palestinian on this Forum, they won't be leaving they assets on an exchange, since that is what we have always preached against here in this forum and from such warning they won't make such a mistake of leaving they money on that exchange.

The Cryptovator

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No matter who you are, crypto is for everyone since it's decentralised. But the concern is about using centralised exchange. Seems nationality becomes harmful for Palestines. I will say this is a violation of human rights. Binance doesn't have the right to freeze all citizens accounts unless their own government asks for that. The fund doesn't belong to Binance; they are just securing users funds. It means they should allow users to withdraw funds.

However, I had encountered a Binance account freeze, but eventually were able to withdraw all the funds. But still, they don't allow me to trade on Binance. So it's very risky to keep funds on an exchange. Anytime they can freeze your funds for no reason actually.

Deenaxyz

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Can you give me more detailed context on what reason that Binance use to defend their company to seized Palestine crypto assets?

Is that something cliché like terrorism?

This detail might be not important to the your concern on our fund SAFU on Binance, but I'm just curious.

nakamura12

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Another new cases where people who store their crypto assets in an exchange platform and seized by the platform wouldn only means that they won't be able to get back their crypto assets. Because of this, I always give advice to people to never store their crypto in an exchange platform for too long unless you have something to do like buying crypto or selling. So posting this on this board would help someone asking if it's okay to store crypto in an exchange or not and then provide this thread to them.

dkbit98

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We always come back to one famous saying - not your keys, not your coins.
Seizing coins on Binance is just a tiny problem for people in Palestine, they are being mass killed every daily in a genocide, but this again shows who really owns and control most of the finances in the world.
Only a small percentage of people from Palestine is using Binance, but than you can only imagine what happens with bank accounts and everything else.
Bitcoin in self-custodial wallets and dex exchanges can be a lifesaver in situations like this, if you have internet connection.

Hamza2424

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Hmm, yup I do agree you should take all of your assets in your custody, but having all the funds offline which is cold storage is not possible for everyone, as you've mentioned small or big doesn't matter but it does, I've seen people with the portfolio which is not even able to afford a cold storage device, I'm not aware of latest pricing still it's expensive. In my view if you own a small assets portfolio, it's better to switch your funds in self-custody hot wallets like Metamask, Trust Wallet, Electrum, and many other names.

Make sure to check the reputation before choosing as well.

ndutndut

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Quote from: yudi09 on August 28, 2024, 01:19:41 PM

Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

We who are here actively with the existing experience that storing funds online is not a good thing to do.
Then from the collapse of several large exchanges can also be a valuable lesson that storing money online is not something that is recommended to do.
Even though they promise like SAFU funds, for that it is not a guarantee that makes us in a safe and calm position when something happens.

True. From an incident like this we must learn and take wisdom so that it does not happen again to us in the future. Because there is indeed no guarantee or it will be safe if you store assets in an Exchanger even though it is a well-known Exchanger. Crypto assets will be safer if stored in a wallet that we can control ourselves.

If binance really confiscates the Palestinian crypto assets, it will be very bad for binance itself, people will no longer trust binance. Because in essence storing crypto assets is free from intervention from outside parties and binance violates that essence. they say crypto is free from intervention, but binance actually submits to Israel and the US. Very strange.

yudi09

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

We who are here actively with the existing experience that storing funds online is not a good thing to do.
Then from the collapse of several large exchanges can also be a valuable lesson that storing money online is not something that is recommended to do.
Even though they promise like SAFU funds, for that it is not a guarantee that makes us in a safe and calm position when something happens.

Mia Chloe

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I think the situation of people storing funds on exchanges has been so much of a discussed topic that majority should be aware already of the risks and this quit the act. However that doesn't seem to be the case. Funny how some people even upon seeing this news still would pay no attention and still leave their funds sitting in some exchange.

The fact is these persons literally have some reasons for still keeping their coins in exchanges some because they are crypto traders and their exchange offers crypto trading services, some because they are P2P vendors and transact constantly with different coins thus an exchange makes it easy for the to convert seamlessly between different crypto currencies with little fees. Some on the other hand are either to lazy to store their seeds and keys by themselves or they simply are not enlightened about the dangers.

Zlantann

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Quote from: SquirrelJulietGarden on August 28, 2024, 07:38:42 AM

I don't know why they do this, assume your news is true.

How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.

Binance is under strict scrutiny by the US government, you would expect them to do whatever the government says. The US government might have instructed Binance to block those accounts. Don't forget that the US is Israel's biggest war financier. Palestinians, Iranians, Lebanese, and Syrians who engage in crypto transactions should avoid any Western-backed exchanges because they can still suffer the same thing.

Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

No centralised platform can guarantee the safety of your coin regardless of how big or old they are. The best option remains to keep your coin off these centralized platforms. Your coin doesn't belong to you if they are on these platforms since a common letter from the government can make you lose all.

pawanjain

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Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

But even though we found out that all of this is FUD still we should never trust any exchange and store huge funds there. Since we know the consequences that might happen since there's huge chance that their site will get compromised even if they say that everything is safe and nothing will happen to their costumers funds.

That's what I was thinking. How come Binance being a global giant in crypto exchanges, follow Israel's request?
It doesn't make any sense and even if they do, they will be at risk of losing all of their customers.
Binance wouldn't honour this request and lose all of their userbase.

Rikafip

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Quote from: SquirrelJulietGarden on August 28, 2024, 07:38:42 AM

How do Israel have very powerful request on Binance like this?

You do know very little about the world of finance if you think that out of all countries, Israel managed to force Binance to seize certain accounts that belong to their Palestinian users. Wink

Quote from: Porfirii on August 28, 2024, 08:25:10 AM

So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not?

According to Binance, only a "few".

Hatchy

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

They aren't stupid, to me they just lack good information. The truth is that about 50% of crypto user out there stores their coins on exchanges. These people have little knowledge on how to store or keep their funds safe and since it's even much easier to convert to their local currency directly without needing to pay any fee transferring from wallet back to the exchange, they just choose to leave their coins in the exchange account. It has been said times without number, exchanges should be avoided when it comes to storage of funds, but it seems that these good information we share here are just for those members on the forum. I wonder how we can actually educate others out there on how to properly keep their coins.

Findingnemo

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Quote from: PX-Z on August 28, 2024, 09:50:43 AM

Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

This is not limited to Palestine, almost every exchange do that for every user irrespective of their nation so this news is just a huge clickbait to get traction for the news without giving the complete picture of it.

I don't know what's written on the post shared by OP cause it's not in English but I am pretty much sure no exchange can do that, even if government orders them to do, the exchange has the responsibility to announce this to user and give ample time to withdraw so this is something that can't possibly happen overnight.

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