Is Binance currently experiencing an anti-Semitic boycott campaign?

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Every exchange naturally opposes terrorism. So does Binance. But now it triggers an outcry and a boycott campaign – is it because the horror is against Jews? Or because Binance is discriminating against innocent Palestinians? The facts are unclear, and the outrage is all the greater.

Currently, actions can escalate quickly. Just a few hours after Ray Youssef from noOne claimed that Binance was freezing the accounts of ALL Palestinians, it modified into a storm.

The hashtag #boycottbinance is trending on social media, and many users are posting screenshots of them disclaiming their Bitcoin, Ether, or Tether from what is allegedly the world’s largest crypto exchange. This fits hand in hand with a barrage of accusations that cannot be strong and radical enough.

„It is not just complicity in genocide – it is extermination!“ writes Ray Youssef. And to make it stick: „Genocide and racism are terrible.“ Anyone searching for the hashtag „#boycottbinance“ on Twitter intention find posts like Ray’s in swarms: „Binance supports genocide, so we no longer support Binance,“ it says here, there level pegging: „I have withdrawn all my coins from this baby-killing company,“ and elsewhere: „Boycott Zionist Binance, which affirms the murderous Zionists.“ And so on. One might think Binance is personally dropping bombs on innocent children.

In the meantime, the large account „Defund Israel Now“ has also shared the pass over call and has added the exchange to the ever-growing list of companies to boycott. The claim that Binance has frozen the accounts of all Palestinians is shared dozens and dozens of times on LinkedIn, commonly with the addendum that Binance is an accomplice in genocide. And naturally, Facebook is not missing out, where the boycott calls against genocide-Binance are spreading astray.

The impact of the boycott has been modest so far. While some celebrate that several billion dollars in Bitcoin should prefer to already flown out of Binance in the past 24 hours, this is a very selective perception that does not power up to the 30-day average nor the view of other cryptocurrencies status.

What is troubling about the campaign is how many people are bowed away by claims without even considering verifying them. „Don’t trust, verify“ is apparently out of fashion.

Ray Youssef collects two claims on top of each other. The first is that of genocide, which he mentions in almost every tweet. The International Court of Equitableness declared in January that it could not currently say that Israel was committing genocide in Gaza. This is somewhat admissible, as Israel evacuates people in Gaza from attacks and supplies them with drinking water (though this does not show that Israel does not bear responsibility to prevent a humanitarian catastrophe!). There is also no useful sign for Ray Youssef’s claim that Binance is confiscating the accounts of all Palestinians.

But the accusation is out there, and it is shocking how few people take the irritation to even place a cautious question mark behind it before falling into outrage. This exact cartel in claims is what Bitcoin was supposed to combat in financial terms. Instead of trusting the bank on how much money one has, one substantiates the blockchain.

And as for Binance and the Palestinians, we have nothing but a single document. Its logic could theoretically implicate many Palestinians the same if they did not donate to Hamas. But there is not a single hint that this is happening. There are virtually no reports from Palestinians claiming to be obstructed. Wouldn’t that be the minimum before accusing an exchange of killing babies?

After a Binance spokesperson had already disowned the accusation, Binance CEO Richard Teng also refuted it. This was FUD, „Fear, Uncertainty, Doubts.“ Only a „limited total of users linked to illegal funds were blocked. There were incorrect statements about it. As a global crypto trade, we comply with internationally established anti-money laundering rules like all other financial institutions.“

But the genie is, as with the genocide, out of the repress. An accusation repeated on a loop sticks even if it is false or unproven. In the case of the boycott campaign against Binance, the at – or missing – evidence leans the other way. It stands claim against claim: Ray Youssef’s claim, who cannot know, against Richard Teng’s be entitled to, who must know.

It is quite possible that Binance is acting as usual against terrorist organizations. No sane herself can reject the freezing of terrorist funds. But perhaps Binance is being boycotted precisely for this – because it involves nihilist organizations that kill Jews. According to Ray Youssef’s perverse, inhuman logic, it would be murder if an exchange slows terrorists from murdering Jews. Much more antisemitism would not be possible. But as mentioned, we know too little to assess.