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A recent legal action has drawn attention to the potential misuse of cryptocurrencies in international finance. A lawsuit filed against the prominent cryptocurrency exchange Binance and its former CEO, Changpeng Zhao, alleges a direct connection with the financing of terrorist activities.

The Lawsuit Overview

On January 31, a lawsuit was lodged in the New York Southern District Court by victims of the October 7 Hamas attack on Israel. The plaintiffs claim that Binance processed transactions for Hamas, in violation of the U.S. anti-terrorism act, and are seeking reparations for the damages caused.

Allegations of Financial Transactions

The lawsuit accuses Binance of facilitating clandestine financial transactions for Hamas, enabling them to evade U.S. regulatory oversight. This follows a recent $4.3 billion settlement with the U.S. Department of Justice by Binance for anti-money laundering violations.

Immediate Response to the Attack

In the aftermath of the attack, Binance was quick to freeze accounts linked to Hamas at the behest of Israeli law enforcement, showcasing a responsive approach to the incident.

Wider Implications

The governments of Iran and Syria are also implicated in the lawsuit, with allegations of providing financial and military aid, and supplying Captagon to Hamas, which is believed to increase aggressiveness and was used in the October 7 attacks.

Plaintiffs Leading the Charge

The lawsuit is being spearheaded by Judith Raanan, an American hostage in Gaza, and relatives of IDF soldier Itay Glisko and Dr. Daniel Levi Ludmir, who were victims of the attack. They assert that Binance’s actions have materially contributed to the violence.

Legal Repercussions

Binance has already faced legal consequences, including a $1.8 billion fine for violating sanctions and anti-money laundering laws. The plaintiffs’ representative has expressed confidence in securing substantial damages under U.S. law.

Challenging the Crypto-Terrorism Narrative

Despite these allegations, a report by Elliptic suggests that the actual crypto donations received by Hamas in October 2023 amounted to just $21,000, which calls into question the scale of crypto-financed terrorism.

Regulatory Concerns and Responses

U.S. lawmakers are taking the allegations seriously, with Senator Cynthia Lummis and Representative French Hill raising concerns about Binance’s potential involvement in terrorism financing. This has sparked discussions on the need for stricter cryptocurrency regulations.

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