Binance does not blindly comply with requests by the Israeli military to freeze crypto wallets belonging to Palestinians and others, the company’s head of financial crime investigations told Decrypt. 

“We don’t just rely on one single source, or one single tool,” Nils Anderson Röed, Binance’s global head of financial investigations, said of how his team handles incoming requests from the Israeli Defense Forces (IDF).

In late August, Binance CEO Richard Teng forcefully denied allegations that the world’s largest crypto exchange had frozen the wallets of all Palestinian customers at the IDF’s behest.

Teng said in a subsequent interview with Decrypt that in the case in question, the IDF had asked Binance to freeze more than 1,500 wallets belonging to Palestinians. According to Teng, Binance found that only around 220 of those wallets, or 14% of those requested to be frozen, showed “legitimate” signs of being connected to illicit transactions in accordance with international law. Only those select wallets, Teng said, were ultimately blocked from transacting on Binance. 

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Author: Sander Lutz