American Mother and Families of Terrorist Attack Victims Sue Binance
An American mother who was held hostage by Hamas in Gaza, along with the relatives of two men killed in a terrorist attack, have filed a lawsuit against cryptocurrency exchange Binance. The lawsuit alleges that Binance enabled the violence perpetrated by Hamas by allowing them to trade on its platform. This accusation has arisen from regulatory and criminal investigations into Binance’s violations of sanctions and anti-money laundering laws.
Binance Accused of Enabling Hamas Financing
US law enforcement agencies believe that Binance’s violations allowed groups like Hamas to evade US banking regulations. As a result, Binance is facing a criminal fine of $1.8 billion and forfeiting $2.5 billion, while its former CEO awaits sentencing for violating banking laws. The plaintiffs in the lawsuit are seeking substantial damages under US law, including the Anti-terrorism Act.
Strengthened Compliance Measures
Binance has expressed its commitment to resolving the matter with US regulators and law enforcement agencies. The exchange has undertaken organizational restructuring, system upgrades, and established a new compliance standard within the industry. It has enhanced its anti-money laundering detection capabilities and implemented mandatory Know Your Customer requirements for all users.
Compensation From Iran and Syria
The lawsuit argues that Binance’s support of Hamas facilitated the financing of violent attacks and recruitment. The plaintiffs claim that Iran and Syria have played significant roles as backers of Hamas terrorism, providing funding and weapons supply to the group. They seek damages from Binance for aiding a terrorist organization and compensation from Iran and Syria as state sponsors of terrorism.
Hot Take: American Mother and Families Sue Binance Over Alleged Support of Hamas Terrorism
In a significant development, an American mother who was taken hostage by Hamas in Gaza, along with the relatives of two men who lost their lives in a terrorist attack, has filed a lawsuit against cryptocurrency exchange Binance. The lawsuit alleges that Binance enabled the violence perpetrated by Hamas by allowing them to trade on its platform. This accusation has arisen from regulatory and criminal investigations into Binance’s violations of sanctions and anti-money laundering laws. Binance is now facing a criminal fine of $1.8 billion and forfeiting $2.5 billion, while its former CEO awaits sentencing for violating banking laws. The plaintiffs are seeking substantial damages under US law, including the Anti-terrorism Act.
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