See More

Hamas Victims Target Binance in Anti-Terror Lawsuit

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Judith Raanan, a survivor of Hamas hostage-taking, has filed a lawsuit against Binance for its alleged role in facilitating violence.
  • US lawmakers Lummis and Hill have expressed concerns about Binance's alleged links to Hamas in a letter to the Secretary of Justice.
  • In October 2023, Elliptic revealed that crypto donations to Hamas were far overexaggerated by US lawmakers.
  • promo

Judith Raanan, an American mother who endured the harrowing experience of being held hostage by Hamas in Gaza, has initiated a lawsuit against Binance. This action accuses the crypto exchange of playing a role in facilitating the violence that has affected their lives.

The lawsuit, filed in a federal court in Manhattan, marks a pivotal moment in legal history.

Binance Faces Terror Financing Lawsuit

It represents the first civil case in an expected series of litigations targeting Hamas and its networks. This follows the terrorist organization’s attack and mass kidnapping, which ignited an ongoing conflict with Israel.

As a result, the plaintiffs allege that Binance, by allowing Hamas to trade on its platform, has indirectly supported these violent acts.

Binance’s involvement in these allegations comes in the wake of a regulatory and criminal investigation. This probe exposed the crypto exchange’s violation of sanctions and anti-money laundering laws. These violations enabled groups like Hamas to bypass US banking regulations.

Read more: Binance Review: Is It the Right Crypto Exchange for You?

Consequently, Binance has been penalized with a substantial criminal fine and forfeiture, reflecting the seriousness of these allegations.

Raanan’s lawyer, Robert Seiden, made a statement on the lawsuit, asserting,

“We have been working on this lawsuit for weeks and believe that anyone who aids terrorism should be held accountable.”

US Lawmakers Speak Out

Adding to the complexity of this case, US lawmakers, including Senator Cynthia Lummis and Representative French Hill, have also raised concerns about Binance’s alleged connections to Hamas. In a communication to the US Secretary of Justice, they highlighted the potential role of Binance and Tether in facilitating crypto donations to Hamas.

This scrutiny underlines the growing need for robust crypto regulations to prevent misuse of these platforms for illegal activities.

However, a report from Elliptic, a blockchain analytics firm, has provided a contrasting perspective. Elliptic clarified that the amount of cryptocurrency donated to Hamas has been significantly overstated, with only $21,000 being donated in October 2023.

The report stated:

“There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations.”

This revelation challenges the narrative of widespread crypto-financed terrorism. It also highlights the importance of accurate data in understanding the role of cryptocurrencies in global conflicts.

Top crypto projects in the US | May 2024

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.