Binance Faces Lawsuit from Hamas Victims Over Alleged Terrorist Attack

Jimmy Aki
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Three families of the Hamas terrorist group’s October 7 attack on Israel have filed litigation against Binance and its former CEO. The families also sued the governments of Syria and Iran, accusing them of financing the Palestine-based group.

Binance Involved in Transactions Linked to Hamas from 2017 to Mid-2023

On January 31, the Raanan family filed a lawsuit in New York, seeking compensation under the U.S. Anti-Terrorism Act. The suit alleged that Binance and the governments of both Syria and Iran offered “significant assistance” to Hamas terrorists.

According to the filing, Binance and its co-founder, Changpeng Zhao (CZ), enabled Hamas to use its exchange hub to process financial transactions.

On November 21, 2023, Binance reached a $4.3 billion settlement with the U.S. Treasury Department. The settlement acknowledged that Hamas and other extremist groups illegally used the exchange for various transactions.

This inevitably led CZ to step down as Binance’s CEO as part of the agreement.

In addition, Iran and Syria, designated state sponsors of terrorism by the U.S., are also accused in the court filing of aiding Hamas.

While both nations have a history of legal action in U.S. courts for supporting terrorism, the lawsuit specifically highlights their alleged roles in orchestrating the October 7 attack and financing the militant group.

This legal pursuit underlines the ongoing efforts to hold exchanges and state sponsors accountable for supporting terrorist activities.

Deep Dive into Hamas October 7 Attack on Israel

Recall that in the early hours of October 7, a devastating attack by Hamas fighters unfolded along Israel’s southern fence with Gaza.

According to an Al Jazeera tally based on official Israeli statistics, the assault resulted in a tragic toll of at least 1,139 lives lost.

During the same period, about 240 individuals were captured amid the aggression. Following the events, approximately 100 captives were released as part of a seven-day truce in late November.

The release was negotiated in exchange for the liberation of hundreds of Palestinian prisoners held in Israeli jails.

However, the situation escalated into a multifaceted conflict, with Israeli authorities accusing Hamas fighters of war crimes during the attack.

The accusations include charges of torture, rape, and mutilation, intensifying the gravity of the circumstances.

Hamas, in response to these accusations, vehemently refuted any involvement in sexual violence or mutilation, presenting a counter-narrative.

The group presented a counter-narrative 16-page report titled “Our Narrative“, published on January 21. Hamas called its attack “Operation Al-Aqsa Flood.”

Additionally, the group asserted that the attack was targeted at the Israeli military and not the necessary Palestinian population.

More Claimants and Defendants are Likely to be Added to Hamas Suit

The New York lawsuit, initiated on behalf of the Raanan family, notably includes Judith and Natalie Raanan. Both were abducted by Hamas on October 7 and later released in a prisoner exchange.

The family and estate of Itay Glisko, a 20-year-old IDF sergeant who lost his life in combat with Hamas, are also integral claimants.

Jeffrey Ludmir, the uncle of Daniel Levi Ludmir, a 34-year-old physician slain by Hamas militants, represents another significant claimant.

Legal professionals managing the court filing anticipate adding more claimants and defendants as details regarding the October 7 attack emerge. Seiden Law LLP is representing the families involved in the legal action.

As the legal proceedings unfold, the case is expected to examine the circumstances surrounding the attack comprehensively.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.