Binance, the world’s largest cryptocurrency exchange, is facing scrutiny over accusations of alleged seizure of Palestinian crypto assets, reportedly at the behest of Israel.

Ray Youssef, co-founder of Paxful and CEO at Noones P2P platform, has alleged that Binance seized Palestinian crypto assets following a directive from the Israel Defense Forces (IDF).

Youssef said that his claims are based on multiple sources, including a letter from Israeli authorities that Binance allegedly passed on.

Youssef has also suggested that this measure could potentially affect all Palestinians and has predicted that countries like Lebanon and Syria might be next in line.

Binance, however, has refuted these claims, stating that only a small number of accounts tied to illicit funding were restricted.

These allegations came months after Binance’s hefty $4.3 billion fine in November last year for failing to comply with U.S. anti-money laundering and funding of terrorism laws. 

The exchange was found guilty of failing to report transactions linked to organizations including Hamas, which was embroiled in a conflict in Israel.

Earlier this year, Binance and its former CEO, Changpeng Zhao, were sued by three families affected by a Hamas attack in Israel. The lawsuit, filed under the U.S. Anti-Terrorism Act, accused Binance of providing "substantial assistance" to terrorists.

Binance is the world’s largest cryptocurrency trading platform, processing volumes of more than $16 billion in the last 24 hours, according to CoinGecko.

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