Chinese-born crypto billionaire who was pardoned by Trump sued by survivors of the Hamas invasion and relatives of those killed who say the world’s largest cryptocurrency exchange laundered terrorist funds.
By World Israel News Staff
A group of more than 300 American citizens are suing the world’s largest cryptocurrency exchange and its founder, a multi-billionaire who was pardoned by President Donald Trump last month, after the exchange was used to transfer large sums to the Hamas and Palestinian Islamic Jihad terror organizations prior to October 7th, 2023.
The suit was filed on behalf of 306 plaintiffs who were directly or indirectly impacted by the 2023 Hamas invasion of Israel, including victims wounded in the Hamas attacks and relatives of those killed.
The complaint, unsealed Monday in federal court in North Dakota, claims that Binance – and its founder, Changpeng Zhao – allowed Hamas and other groups recognized by the US as terror organizations – including Hezbollah, Islamic Jihad, and Iran’s Islamic Revolutionary Guard Corps – to transfer more than $1 billion in digital currency.
According to the filing, at least $50 million of those transactions occurred after the October 7th massacres.
Attorneys representing the plaintiffs argue that Binance continued processing illicit transfers even after the company pleaded guilty in late 2023 to violating U.S. anti-money-laundering and sanctions laws—a case that resulted in a $4.32 billion criminal penalty.
Zhao, who also pleaded guilty in the federal enforcement action, served a four-month prison sentence and was pardoned by Trump on October 23rd.
In the papers filed for the suit, the plaintiffs say Binance “intentionally structured itself as a refuge for illicit activity.”
“To this day, there is no indication that Binance has meaningfully altered its core business model.”
Binance did not respond to the filing of the lawsuit, merely stating that the company complies “fully with internationally recognized sanctions laws.”
A request by Binance to have the suit thrown out was rejected by a judge in February.
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