A very important update

[ndutndut]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

We who are here actively with the existing experience that storing funds online is not a good thing to do.
Then from the collapse of several large exchanges can also be a valuable lesson that storing money online is not something that is recommended to do.
Even though they promise like SAFU funds, for that it is not a guarantee that makes us in a safe and calm position when something happens.

True. From an incident like this we must learn and take wisdom so that it does not happen again to us in the future. Because there is indeed no guarantee or it will be safe if you store assets in an Exchanger even though it is a well-known Exchanger. Crypto assets will be safer if stored in a wallet that we can control ourselves.

If binance really confiscates the Palestinian crypto assets, it will be very bad for binance itself, people will no longer trust binance. Because in essence storing crypto assets is free from intervention from outside parties and binance violates that essence. they say crypto is free from intervention, but binance actually submits to Israel and the US. Very strange.

[Hamza2424]

Hmm, yup I do agree you should take all of your assets in your custody, but having all the funds offline which is cold storage is not possible for everyone, as you've mentioned small or big doesn't matter but it does, I've seen people with the portfolio which is not even able to afford a cold storage device, I'm not aware of latest pricing still it's expensive. In my view if you own a small assets portfolio, it's better to switch your funds in self-custody hot wallets like Metamask, Trust Wallet, Electrum, and many other names.

Make sure to check the reputation before choosing as well.

[dkbit98]

We always come back to one famous saying - not your keys, not your coins.
Seizing coins on Binance is just a tiny problem for people in Palestine, they are being mass killed every daily in a genocide, but this again shows who really owns and control most of the finances in the world.
Only a small percentage of people from Palestine is using Binance, but than you can only imagine what happens with bank accounts and everything else.
Bitcoin in self-custodial wallets and dex exchanges can be a lifesaver in situations like this, if you have internet connection.

[nakamura12]

Another new cases where people who store their crypto assets in an exchange platform and seized by the platform wouldn only means that they won't be able to get back their crypto assets. Because of this, I always give advice to people to never store their crypto in an exchange platform for too long unless you have something to do like buying crypto or selling. So posting this on this board would help someone asking if it's okay to store crypto in an exchange or not and then provide this thread to them.

[Deenaxyz]

Can you give me more detailed context  on what reason that Binance use to defend their company to seized Palestine crypto assets?

Is that something cliché like terrorism?

This detail might be not important to the your concern on our fund SAFU on Binance, but I'm just curious.

[The Cryptovator]

No matter who you are, crypto is for everyone since it's decentralised. But the concern is about using centralised exchange. Seems nationality becomes harmful for Palestines. I will say this is a violation of human rights. Binance doesn't have the right to freeze all citizens accounts unless their own government asks for that. The fund doesn't belong to Binance; they are just securing users funds. It means they should allow users to withdraw funds. 

However, I had encountered a Binance account freeze, but eventually were able to withdraw all the funds. But still, they don't allow me to trade on Binance. So it's very risky to keep funds on an exchange. Anytime they can freeze your funds for no reason actually. 

[Ojima-ojo]

I have read through all the comments made on this thread to see one Palestinian forum members who also use binance to clear us the air on this issue of binance freezing their accounts and with all the funds in it, but I haven't seen any one making such a comment, which means we are just speculating based on the evidence posted in the ops.


But also I know that if we have any Palestinian on this Forum, they won't be leaving they assets on an exchange, since that is what we have always preached against here in this forum and from such warning they won't make such a mistake of leaving they money on that exchange.

[Dunamisx]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.



I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

I am not a Palestinian and I am not taking any sides but honestly, that same centralised power protecting you can go against you no matter who you are, in this similar situations centralisation sucks.

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Am not against what you are saying either, but in some cases like this, we may have to provide a reference to the article that talked about it, though i understand it was gotten from a social media handle, but what needed in a kind of general issues like this is by seeing other crypto news and updates site taking it, but to my own surprise non, and i don't know how true the whole thing over here could be when there were no evidence, the more reason everyone of us should be learning on why we should take our asset aways from centralized exchanges because they are custodial accounts or platforms and not wallet.

[Taskford]

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

That mean they didn't read the replies of other people and just post then easily believe on what they see from the post made by OP. Maybe they need to learn how to verify the information they read before posting so that they can help their selves not to get feed by fake information they read anywhere.

I also read that article before that they block those accounts due to illegal matters reason and that doesn't include the funds of their government. Again here's a good article to read about that https://www.thehindu.com/sci-tech/technology/binance-says-it-blocked-limited-number-of-palestinian-crypto-accounts-over-illicit-funds/article68576131.ece

Its easy to search and every information we want to get to verify will show up.

[Pmalek]

I have read through all the comments made on this thread to see one Palestinian forum members who also use binance to clear us the air on this issue of binance freezing their accounts and with all the funds in it, but I haven't seen any one making such a comment, which means we are just speculating based on the evidence posted in the ops.

Perhaps they are a bit busy trying not to get shot or bombed. If you haven't noticed, it's hunting season on Palestinians since October, sponsored by the greatest and most democratic nation in the world. Having internet and electricity in Palestine right now is a luxury. Who knows how many accounts Binance has seized and whether or not the people they belonged to are still alive. The dead can't defend themselves or offer explanations.

[mpoletiek]

Someone has supposedly been following this story since Oct 2023.

They're conclusion is this isn't happening: https://x.com/flamincrypto/status/1828832506306797926

[Zaguru12]

Hmm, yup I do agree you should take all of your assets in your custody, but having all the funds offline which is cold storage is not possible for everyone, as you've mentioned small or big doesn't matter but it does, I've seen people with the portfolio which is not even able to afford a cold storage device, I'm not aware of latest pricing still it's expensive. In my view if you own a small assets portfolio, it's better to switch your funds in self-custody hot wallets like Metamask, Trust Wallet, Electrum, and many other names.

Make sure to check the reputation before choosing as well.

All coins on a cold storage is definitely possible just that it comes at a cost of uneasiness, if you’re someone that actually do transaction’s everyday you can still have the funds on cold storage and just use a watch only wallet on hot storage to broadcast the transaction, although I get your point that it is less easy and more so the cost for them is another concern for someone storing a small amount. That’s why there is self custody hot wallets like you said but still for more easy people still go for exchanges which is the warning here. The risk is not the same with hot wallets.

I get that some people are day traders and need this exchanges most especially future or derivative exchanges, my advice to this set of people is have minimal funds on this exchanges or simply use more than one exchange because they can’t all be doing same thing at the same time.

[CryptoHeadlineNews]

In response to the accusations, a Binance spokesperson told Anadolu that the claims were inaccurate. The spokesperson clarified that only a limited number of user accounts, which were linked to “illicit funds”, were impacted and prevented from transacting. However, Binance did not specify the extent or value of the “illicit funds” involved.

Source: https://www.google.com/amp/s/www.middleeastmonitor.com/20240828-binances-alleged-seizure-of-palestinian-crypto-funds-sparks-fury/amp/

Judging from the information given above, it's clear not all Palestine user using Binance whose account was blocked, as it was only a few whose accounts was likely to have been linked to either fraud, terrorism and sponsors of the recent war between Israel & Gaza. And as such, the lesson I was able to learn from this is that inasmuch as Bitcoin is a decentralized digital currency, if it's been used for illegal activities on centralized exchanges, it can be confiscated just the same way Binance just did to alleged sponsors of the war against Gaza.

[Hyphen(-)]

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Keeping them offline can be difficult for people who cannot afford offline wallets. The easiest way is to take your assets off centralized exchanges; you can be using the exchange for trading and others, but when it comes to trust with your assets, make sure you never reliy on any centarlize exchange no matter their reputation because Binance in this case is a reputable exchange that many exchanges are looking up to, but these things keeps happening day by day with several centralized exchanges.
Trust only your personal wallets you have their seed phrases with you, make sure you send your crypto assets to your personal wallets instead of leaving them in the exchange to avoid cases like this because since they have your details, they can do whatever they wish especially if government give them pressure to revel their citizen information.

[albon]

Source: https://www.google.com/amp/s/www.middleeastmonitor.com/20240828-binances-alleged-seizure-of-palestinian-crypto-funds-sparks-fury/amp/

Judging from the information given above, it's clear not all Palestine user using Binance whose account was blocked, as it was only a few whose accounts was likely to have been linked to either fraud, terrorism and sponsors of the recent war between Israel & Gaza. And as such, the lesson I was able to learn from this is that inasmuch as Bitcoin is a decentralized digital currency, if it's been used for illegal activities on centralized exchanges, it can be confiscated just the same way Binance just did to alleged sponsors of the war against Gaza.

Whether it is a few accounts or all of them, I see that using Binancein any country experiencing wars is highly risky. Binance or any CEX can make any unfair decisions at any time towards any accounts or any country that conflicts with their interests or their position as the top exchange to avoid sanctions from regulatory authorities, and they can cooperate with governments and law enforcement agencies of any country against their customers, under the pretext of violating their terms of use, which if read all the clauses of these terms carefully, we would discover that these exchanges are among the worst in the decentralized crypto industry that has restricted everyone's financial freedom and violated the privacy of their customers and handed them over to governments angry with Bitcoin and cryptocurrencies.

Those who have not yet moved their assets from CEX to available decentralized options will regret it if they find the following notice on their accounts.

[yudi09]

-snip-

If binance really confiscates the Palestinian crypto assets, it will be very bad for binance itself, people will no longer trust binance. Because in essence storing crypto assets is free from intervention from outside parties and binance violates that essence. they say crypto is free from intervention, but binance actually submits to Israel and the US. Very strange.

Popular exchanges like Binance focus on services with large trading volumes apart from the features available.
Binance's case in many countries has always been about permits and if a confiscation like this happens, I would also say that this is a bad thing.
I say, exchanges are not places to store funds.

[CryptopreneurBrainboss]

This isn't a news, it might be to some newcomers into the crypto space but for the those that have witness atleast one bear market, we have seen this happen countless of times. Exchange can promise you everything to make you keep your crypto with them while they make use of it to make more money but you're putting yourself at risk like what is being reported here. There's no where safer than when you have your Bitcoin or any other crypto that you have invested in, in your non custodial wallet that you have full control of.

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

Don't go there because if stats are being brought, we'll have more people keeping their coins on exchange than those keeping it off exchange. One good update recently though is that more people have been talking their crypto off exchange but there are still a large number investors trusting cex more than themselves because they feel they can't keep them safe because of how clumsy they are.

[SamReomo]

It's now clear that the news is more as FUD rather than fully truth but one should still be cautious because letting your funds at centralized exchanges isn't the best move you can take as a crypto investor. It's 100x better to have your own non-custodial wallet where you should save your funds because a non-custodial personal wallet won't be in possession of anyone else than you and no one can freeze your funds unless they find your private key.

[uchegod-21]

It's now clear that the news is more as FUD rather than fully truth but one should still be cautious because letting your funds at centralized exchanges isn't the best move you can take as a crypto investor. It's 100x better to have your own non-custodial wallet where you should save your funds because a non-custodial personal wallet won't be in possession of anyone else than you and no one can freeze your funds unless they find your private key.

Even without making efforts to research, can you read the title? Binance banned the accounts of Palestinians at the request of Binance. Think about it how a country will order binance to banned the accounts of another country. Even without reading the article, we should understand how things work and differentiate FUD from news.

[Mr.right85]

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

The problem is seem to find in this is too much of generalization. In every lie, there is an atom of truth they say and from what I could read in that post, it’s not about the entire country or government of the country’s account that was Ben referred but, the accounts of Palestinians suspected of illicit or fraudulent activities.

Eventually, the word would always be let out and mostly, by the affected using means that would only justify there course and there you have it, FUD. Surely it gets promoted for a couple of days or weeks and then it dies out.

One truth though; Don’t save up your holdings on CEX.