A very important update

[CryptoHeadlineNews]

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.

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,

That's true, because been a company that execute over $76billion daily volume worth of crypto transaction as shown below according to coinmarketcap, with a roughly profit of over 0.01% as fee (i.e $7.6million daily), I'm sure a company that generates such profit daily will literally go any length just to maintain it's smooth running of business across international community, which is exactly what Binance is doing by cooperating with government and law enforcement agencies, and as such, a more reason why we crypto enthusiast need to prioritize saving our Bitcoin in non-custodial wallet, than centralized exchanges.

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.

And in addition to that, another reason why I think people always like to leave their Bitcoin in Cex is the ability  it gives users to easily swap coins when it's price is falling  (i.e BTC to USDT) and vice-versa when the it's price is rising, forgetting the fact that by doing so, they loses full control over their coins. Hence, I wished people could understand the importance of decentralized wallets and stick to it.

[SamReomo]

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.

Yes, I read the title and most posts of the first page and after reading it out and also read the news I made my post. I know that Binance took a step to ban accounts of another country members because of another country's request.

I can't explain it depth because it's out of my understanding that why Binance did that but I believe Binance later stated in their official statement that they didn't banned all Palestinian accounts but only the suspicious ones.

[avp2306]

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.

Yes, I read the title and most posts of the first page and after reading it out and also read the news I made my post. I know that Binance took a step to ban accounts of another country members because of another country's request.

I can't explain it depth because it's out of my understanding that why Binance did that but I believe Binance later stated in their official statement that they didn't banned all Palestinian accounts but only the suspicious ones.

Provably those banning of accounts of several account they mentioned is related to terrorist groups just like has been mentioned in this article last year https://cointelegraph.com/news/binance-freezes-hamas-linked-accounts-israeli-request

There are people use this to fud lots of people and make them believe that they ban the accounts of Palestinian government. To bad as we see in this thread that there are several people really believe that it happens without even checking if the news is true. So with this case we can say that research is really important so that there's no one can fool us and install unnecessary fear. Imagine if Binance will do that for sure there will be a lot of troubles will occur in this company and this might the reason that they might close down their exchange. But as being said everything is just a fud so people need to relax with this news.

[Cryptohygenic]

Something I don't understand here is if is Binance exchange owned by the Israelites? Because it is obvious that the occurrence is due to geopolitical charges because al Palestinians in victims to this is not afflicted to the their government,  so why possibly could they be victims to this act?
Actually right before this day, storing of assets in the centralized exchanges has been a whoops where funds owners are not fully in charge of their funds. Why the should anyone be even able to store their funds on decentralized exchanges and ignores to adopt the system of their Privacies.
So weird and this seems to serve that it could happen to anybody as much.

[xha-256]

Something I don't understand here is if is Binance exchange owned by the Israelites? Because it is obvious that the occurrence is due to geopolitical charges because al Palestinians in victims to this is not afflicted to the their government,  so why possibly could they be victims to this act?
Actually right before this day, storing of assets in the centralized exchanges has been a whoops where funds owners are not fully in charge of their funds. Why the should anyone be even able to store their funds on decentralized exchanges and ignores to adopt the system of their Privacies.
So weird and this seems to serve that it could happen to anybody as much.

Read the replies of few members above that oppose the mentioned "subject" of this thread. This is only a fud, here's a statement of Richard Teng https://x.com/_RichardTeng/status/1828688000894787800

[Saint-loup]

When Changpeng Zhao(aka CZ) was still CEO of Binance things like that would have never happened actually. Till the end he use to fight against coercion and regulations affecting property and privacy rights. And I'm sure he would prefer to get banned from Israel than to collaborate to this kind of theft. I don't speak Hebrew unfortunately so I can't understand if it concerns all palestinian people or only Hamas members. But if it applies to all palestinian that must be the first time we would see that in the crypto world. It should remind us that when it's not our key, it's not (anymore) our coins unfortunately.

[Wakate]

Something I don't understand here is if is Binance exchange owned by the Israelites? Because it is obvious that the occurrence is due to geopolitical charges because al Palestinians in victims to this is not afflicted to the their government,  so why possibly could they be victims to this act?
Actually right before this day, storing of assets in the centralized exchanges has been a whoops where funds owners are not fully in charge of their funds. Why the should anyone be even able to store their funds on decentralized exchanges and ignores to adopt the system of their Privacies.
So weird and this seems to serve that it could happen to anybody as much.

I am not surprised by this news because I have already seen in on Twitter and many people keep complaining why Binance as the world largest exchange would take such a drastic step. We should not just assume or blame Binance for this because I think this could have been influenced by the United States which is the world power and have influence in all part of the world. I know that Israel do not have this kind of power to ask the Binance management to seize Palestinians assets which we all know without the influence of the United States. Maybe they have gotten information that most of the funds is being transact through cryptocurrency using centralized exchanges like Binance.

[Danydee]

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.

Idk, but Binance provide a P2P exchange service, and for announcers/offers creators it is just not practicable to do, in addition to that crypto "sellers" need to have cryptos available on their account for the offers to be processed !

Same for traders, stakers ...

 

[Zigabel]

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.

Very often i have seen it on this forum that we shouldn't keep our coins in an exchange as a means  of storage for many reasons one of which includes compromise of the platform at some point but then we are now seeing that maybe some persons may have to learnt his the hard way and so they still kept it on an exchange, if you must have your asset on an exchange as a trader then always make sure to keep only but a fraction and not to put a whole huge portfolio that you may end up not been able to handled the loss in situations as this, because most times actually you don't need big volumes to trade.

It doesn't necessarily have to be you saving in a cold wallet, another trusted wallet away from the exchange will be a very perfect idea too so you can easily make transfers when the needs be and you probably want to trade for traders, that funding process will really help a whole lot to if the asset isn't in a cold storage but in another wallet you can trust outside the exchange.

[Marykeller]

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.

They aren't stupid, to me they just lack good information. The truth is that about 50% of crypto user out there stores their coins on exchanges. These people have little knowledge on how to store or keep their funds safe and since it's even much easier to convert to their local currency directly without needing to pay any fee transferring from wallet back to the exchange, they just choose to leave their coins in the exchange account. It has been said times without number, exchanges should be avoided when it comes to storage of funds, but it seems that these good information we share here are just for those members on the forum. I wonder how we can actually educate others out there on how to properly keep their coins.

If the right information is passed to people we come in contact with, in and outside the forum, I believe there will be a huge decrease in how people have their crypto assets stored on crypto exchanges.

At times, we should endeavor to bring the right information we learn about here home of not to keys, not your coins, for our friends and family to be aware of the dangers of having their crypto assets stored on crypto exchanges, not only tell them about the top coins they should invest in and expect a huge profit in this upcoming bull run.

The majority of us are guilty of this, and that's why most people feel guilty about having their crypto assets stored on exchange up to date just because they lack the right information on ways to have absolute control of their coins.

I believe we can all do better to take it upon ourselves to tell our friends and family to deviate from storing their crypto assets on crypto exchanges if they have been doing that.

[Davidvictorson]

We don't need FUD or any those issues between the government and centralized exchanges to remember Not Your keys, Not your coins. I could remember when there was rumors that the government of my country where going to request the details of their citizens from Binance. That is, those who had an account with then, and at that time, it was speculated that Binance was going to comply with the government's directive so as to continue doing business in the country. Even though it didn't eventually happen, that was a reminder of how much power the government had over any exchange that decides to do their business in the country and another reminder that these exchanges didn't care about their customers privacy. They are ready to give it out in exchange for staying in business. Again, not your keys, not your coins.

[Wiwo]

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.

Yes, I read the title and most posts of the first page and after reading it out and also read the news I made my post. I know that Binance took a step to ban accounts of another country members because of another country's request.

I can't explain it depth because it's out of my understanding that why Binance did that but I believe Binance later stated in their official statement that they didn't banned all Palestinian accounts but only the suspicious ones.

Just like what the Nigerian governmen requested for the accounts of all those using binance from Nigeria, but the company refused that doing so will be a violation of their customer privacy right, same thing apply to this situation and we shouldn't just believe any news that make it look as if binance banned and blocked accounts of their customers on the request of another country.

Although there may be possibilities that something similar may have happened to binance palastinian clients accounts.

[I_Anime]

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.

Signs that most people don't go through replies or comments before replying. What the OP posted just FUD , that why is always good to go through any information thoroughly before dropping, especially in such community with thousands of users to avoid spreading any wrong information, Because most time such misinformation, may lead to negative effect to market.

This is the reason they keep saying go through post and the replies before creating or making any reply in a thread.