Binance Faces Lawsuit from Families of Hamas Victims

Families of hostages and victims of Hamas in Israel have filed a lawsuit against cryptocurrency exchange Binance, alleging that the platform played a role in processing transactions linked to the terrorist group and other similar entities operating in the region. 

The complaint was submitted in the U.S. District Court of the Southern District of New York, representing United States citizens affected by acts of terror carried out by Hamas and other terrorist groups in the State of Israel on October 7, 2023.

On Wednesday, a lawsuit was filed in federal court in Manhattan by Judith Raanan, who, along with her daughter, was released on Oct. 20, and the relatives of Itay Glisko and Dr. Daniel Levi Ludmir. The lawsuit targets the digital assets exchange, Iran, and Syria, in connection with the murders committed by Hamas.

This accusation emerged during a comprehensive investigation into the world’s largest cryptocurrency exchange, leading to Binance admitting guilt for violating sanctions and anti-money laundering laws. This breach allowed entities like Hamas to bypass US banking regulations.

As part of the consequences, Binance is set to pay a criminal fine of $1.8 billion and forfeit $2.5 billion. Additionally, the former CEO, Chanpeng Zhao, is awaiting sentencing for violating banking laws.

The government claims in the Binance case suggest that the al-Qassam Brigades, Hamas’ military wing, utilized Bitcoin transactions to fundraise for the Palestinian resistance. Binance acknowledged that individuals in Iran conducted over 1.1 million transactions, totaling $899 million, violating US sanctions.

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2024-02-01 14:44