Lawsuit Alleges Crypto Exchange Failed to Prevent Illicit Transactions

• Survivors of a Hamas attack in Israel are suing crypto exchange Binance for allegedly providing funding to the terror group. The lawsuit alleges Binance allowed Hamas to raise nearly $900 million.

• Binance allegedly violated US sanctions by facilitating transactions between customers in the US and Iran from 2018-2022. Iran finances groups like Hezbollah.

• Former Binance CEO Changpeng Zhao pleaded guilty to charges related to money laundering on the platform and paid a $50 million fine.

• Binance paid $4.3 billion to settle charges that it violated US sanctions and failed to prevent money laundering.

• The lawsuit alleges Binance turned a "blind eye" and allowed transactions with Hamas, al-Qaeda, and other terror groups in pursuit of profits. Plaintiffs are seeking unspecified damages.