The world’s largest crypto exchange platform is reportedly being sued in New York by the victims of the October 7 Hamas attack on Israel.
According to a new report from ABC News, Binance is being sued by the victims’ families for allegedly providing the terrorist group with a funding mechanism.
The lawsuit, filed earlier this week by an American woman freed from Gaza and the families of two men killed in the Oct. 7 attack, accuses Binance of processing numerous transactions for Hamas between 2017 and 2023.
According to a US Department of Justice (DOJ) document, the crypto exchange failed to “transact with cryptocurrency wallets that Binance senior executives knew were linked to terrorist groups such as Hamas or Palestinian Islamic Jihad.” report.
Furthermore, the lawsuit alleges that Binance went out of its way to cover up Hamas’ actions in order to continue making profits from its trades.
As stated in the lawsuit, according to ABC,
“For years, Binance remained willfully blind to the use of its platform by illicit actors, including terrorists, by failing to conduct due diligence on the vast majority of its users before August 2021.
Incredibly, Binance went out of its way to protect users associated with Hamas and other terrorist groups from regulatory scrutiny, especially if they were “VIP users who generated huge profits for Binance.”
Last year, Binance and its former CEO, Changpeng Zhao, pleaded guilty to violating anti-money laundering laws and agreed to pay more than $4 billion in fines. Zhao eventually resigned from his role as CEO.
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Featured image: Shutterstock/Pavel Chagochkin