Billions of Dollars of Bitcoin Withdrawn from Binance in 24 Hours

Bitcoin worth $2.6 billion was withdrawn from Binance, following reports that the exchange had confiscated the assets of Palestinian users.

Binance, one of the world’s largest cryptocurrency exchanges, made headlines today with allegations that it “confiscated the assets of Palestinian users at the request of Israel,” leading to a significant decline in the cryptocurrency markets.

The claim was made by Ray Youssef, one of the founders of Paxful. In response, Binance issued a statement denying these allegations, asserting that they do not reflect the truth. The cryptocurrency exchange clarified that while some Palestinian accounts were blocked, the number was small, and the accounts in question were involved in illegal transactions.

Binance faces boycott

Binance’s statement was not enough to calm the markets, leading to a sharp decline in cryptocurrencies, especially Bitcoin. Additionally, Binance was negatively impacted by a boycott. In the 24 hours following the boycott, $2.6 billion worth of Bitcoin was withdrawn from the exchange.

In response to Binance’s actions, many investors began seeking alternatives. While some users recommended different cryptocurrency exchanges, others argued that cold wallets are the safest way to store crypto assets.

What are your thoughts on Binance’s decision and the subsequent boycott? Which side do you believe is in the right?

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