Summary
Binance, the largest cryptocurrency platform, is being sued in the United States for allegedly helping send money to terrorist groups, including Hamas and Hezbollah. The lawsuit follows President Donald Trump’s pardon of Binance's founder, Changpeng Zhao, who was previously involved in money laundering charges. Binance has stated it complies with international sanctions laws and has improved its compliance systems.
Key Facts
- Binance and its founder Changpeng Zhao are being sued in the U.S.
- The lawsuit claims Binance helped send more than $1 billion to groups labeled as terrorist organizations.
- These funds allegedly included $50 million transferred after the 7 October 2023 attacks in Israel.
- Binance agreed to pay over $4 billion in penalties for past money laundering charges and pledged to improve compliance.
- The lawsuit was filed by U.S. victims of the 7 October attacks or their families.
- President Donald Trump pardoned Zhao, drawing criticism and concerns about encouraging crime.
- Binance claims it has improved its systems and that illegal transactions are a small part of its operations.
- The lawsuit seeks financial damages to be determined in a jury trial.
