Binance founder CZ is facing a new lawsuit accusing the exchange of enabling over $1B in Hamas-linked transactions, escalating his already mounting legal troubles. Plaintiffs say Binance knowingly let sanctioned groups move funds even after previous penalties.

"Binance “sent the equivalent of more than $300 million to designated wallets on the blockchain before the attacks and more than $115 million after,” an excerpt from the complaint reads. Plaintiffs have further alleged that Binance failed to maintain adequate controls between 2017 and 2023, which allowed sanctioned entities to move large sums without detection. Furthermore, they claim Binance operated through a web of offshore entities with little oversight and minimal recordkeeping. For instance, the complaint highlights a Venezuelan woman having received hundreds of millions of dollars even when there were no obvious financial means to explain the transfers. She reportedly operated a livestock-related company in Brazil. She opened a Binance account in 2022 and went on to receive over $177 million in deposits and withdraw more than $130 million."

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