Hamas Victims’ Families Sue Binance, Accusing It of Aiding Terrorism

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A lawsuit claims the cryptocurrency exchange turned a blind eye as $1 billion used to finance the Oct. 7 attacks in Israel and other acts moved through its network.

The families of 300 U.S. citizens hurt or killed in the Oct. 7 attack on Israel sued Binance, claiming the cryptocurrency exchange aided Hamas and other terrorist groups by transferring more than $1 billion among accounts they controlled.

The lawsuit was filed in federal court in North Dakota on Monday, about a month after President Trump pardoned Changpeng Zhao, Binance’s founder, who was convicted in 2023 of breaking money laundering rules.

Binance “pitched itself to terrorist organizations, narcotics traffickers and tax evaders as beyond the reach of any single country’s laws or regulations,” according to the lawsuit. It claims that the company ignored warnings from its compliance vendors about suspicious transactions and skipped basic security checks on funds flowing into its network.

The lawsuit seeks damages, to be determined at trial, under a 2016 law that allows victims of terrorism to sue foreign entities in U.S. courts.

As recently as this month, Binance allowed brokers in the Gaza Strip to transact with “high-risk” customers, the families said in their 272-page complaint. They said Binance knowingly moved at least $50 million for Hamas, Hezbollah, Iran’s Islamic Revolutionary Guard Corps, Palestinian Islamic Jihad and other terrorist organizations in the years since the Oct. 7, 2023, attack on Israel.

“This was not a compliance lapse; it was a business model,” said Jonathan Missner, a lawyer for some of the more than 70 families named as plaintiffs in the lawsuit. “Our investigation shows that Binance built systems designed to evade oversight, using its off-chain network and weak controls to move enormous sums for sanctioned groups.”

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A correction was made on 

Nov. 25, 2025

: 

An earlier version of this article misstated the given name of an Israel Defense Forces reservist who died in fighting in October 2023. He was Omer Balva, not Omar.

Stacy Cowley is a Times business reporter who writes about a broad array of topics related to consumer finance, including student debt, the banking industry and small business.

Source https://www.nytimes.com/2025/11/25/business/binance-hamas-terrorism.html

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