Binance Freezes 190 Accounts Related to Hamas - What Are Your Thoughts on This?

[Tsp_exchange]

In a recent unfolding, Binance has frozen around 190 accounts linked to Hamas, sparking a wide range of reactions within the crypto community. This incident sheds light on the ongoing tug-of-war between centralized and decentralized systems in the crypto space.

I have explored this topic in-depth in my latest piece "Embracing Regulation, Rejecting Malicious Regulation - Delving into the Importance of Decentralization through the Binance Incident." The article delves into how this incident has initiated discussions on the essence of decentralization and the role of regulation in cryptocurrency exchanges.

As crypto enthusiasts, our insights and discussions will shape the future of blockchain technology and cryptocurrency exchanges. I invite you all to read the article and share your thoughts on the matter. Do you think the actions of Binance were justified under international law? Does this incident urge a stronger shift towards decentralized exchanges?

https://medium.com/@Tsp_Exchange/embracing-regulation-rejecting-malicious-regulation-delving-into-the-importance-of-fad51d49da33

Your insights and active discussion on this topic will contribute significantly to the evolving narrative around decentralization and regulation in the crypto industry. Looking forward to a robust discussion!

[Darker45]

In terms of international law, it is not just justified, it is even required. Hamas, after all, is labeled as a terrorist organization.

As far as this specific issue is concerned, I'm afraid opinions on whether this is right or wrong might highly be influenced by our individual leanings, prejudices, biases, and so on.

But as far as the overall implication of this is concerned, it's dangerous. It's prone to abuse. In the first place, how are they linked to Hamas? Do they have solid bases or they're acting only on weak suspicions?

I hope every single user who is affected by this action receives a detailed explanation on how his/her account is linked to a terrorist organization. Providing only general statements is unfair.

Edit: After reading news related to this, I realized this is an old headline. While there are indeed recent freezing of accounts, this news about 190 accounts locked or seized by Israel is relatively old.^[1] And it's not only Hamas that they're linked to but also Daesh and other terrorist groups. This kind of operation has been happening for years already.

[1] https://www.coindesk.com/business/2023/05/05/israel-has-seized-190-binance-accounts-with-alleged-terrorist-ties-since-2021-reuters/

[rat03gopoh]

Just a form of underground campaign wrapped in concern. OP has his own "DEX" service.
I think it is unethical to ask for certain opinions with these country's geopolitical situation currently heating up. And whatever the reason, decentralized services should also not support any form of terrorism.

[albert0bsd]

decentralized services should also not support any form of terrorism.

I agree with part of your way to think, but what you just write have no sense.

In that case DEX should not accepted any kind money coming or wiht destination to any other criminal activity right? IMO the decentralized  word said anything.

[Husires]

Binance will do the impossible to prove to the regulatory authorities that it is trying as much as possible to fulfill all these conditions, and to do so it will do anything, and I am sure that with every major event you will find that Binance is trying to gain from it, starting with the natural problems that occur, such as the earthquakes in Turkey and Morocco, and supporting some poor communities in Africa and an attempt to ban any service that the media classifies as bad. If tomorrow the Arctic is classified as a bad region, Binance will try to ban accounts here (even if they do not exist).

[Potato Chips]

Does this incident urge a stronger shift towards decentralized exchanges?

Honestly, I've only seen the chances getting significantly better when an extremely significant number of innocent people are negatively impacted. Emphasis on innoncent people as I'm talking about false positives. and I don't think both the old and recent ban wave meet that.

I believe big hacks and exit scams still have the strongest impact when it comes to enhancing the odds of making people look into dex or non-custodial alternatives because more regular users are typically impacted all at the same time hence more buzz. But ofc, I'm not gonna wish for hacks and exit scams to happen lol.