What is Binance’s connection with terrorist groups like Hamas, Al Qaeda, ISIS, Palestinian Islamic Jihad? Explained

livemint.com:

Binance CEO Changpeng Zhao has stepped down as he believes “it is the right thing to do". Richard Teng, now former Global Head of Regional Markets, has been named as Zhao’s successor, Zhao announced on X (formerly Twitter). The statement comes after he pleaded guilty to criminal charges for anti-money laundering and US sanctions violations, including allowing transactions with Hamas and other terrorist groups.

Binance, the world's largest cryptocurrency exchange, is under scanner over allegations of facilitating money laundering, with a particular focus on transactions related to terrorist organisations like Hamas, Al Qaeda, Palestinian Islamic Jihad and the Islamic State of Iraq and Syria (ISIS).

The trouble began in February 2019 when Samuel Lim, who was then the Chief Compliance Officer of Binance, acknowledged that the exchange was being exploited to channel funds to terrorist groups like Hamas. Lim revealed that terrorists were using Binance for transactions involving relatively-small sums of money. This revelation came to light during a chat between Lim and a colleague.

The colleague stated that, with just $600, Hamas could barely afford to buy an AK47. However, the seemingly-casual attitude displayed in the chat has now come back to haunt Binance and Zhao.

The US government imposed hefty fines amounting to $4.3 billion on Binance. As Zhao pleaded guilty to failing to comply with anti-money-laundering laws, the US government put the spotlight on Binance's alleged involvement in facilitating illicit transactions, including those benefiting terrorist organisations.

The US Treasury Department issued a statement, accusing Binance of enabling various illegal actors to freely transact on its platform. The statement named