WASHINGTON, Nov. 26, 2024 /PRNewswire/ — Late last week, Sparacino PLLC filed an Amended Complaint on behalf of 535 clients against Binance Holdings Ltd., Binance.com, BAM Trading Services (d/b/a Binance.US), and former Binance CEO Changpeng Zhao (collectively, “defendants”) in the U.S. District Court for the Southern District of New York. The plaintiffs are direct and indirect victims of terrorist attacks committed from 2017 to 2024. They allege that the defendants aided and abetted terrorist attacks by knowingly facilitating the transfer of hundreds of millions of dollars’ worth of cryptocurrency to and from Iran’s Islamic Revolutionary Guard Corps (IRGC), Hezbollah, Kataib Hezbollah, the Houthis, Hamas, Palestinian Islamic Jihad (PIJ), al-Qaeda, and the Islamic State of Iraq and Syria (ISIS).
Binance‘s misconduct has already led to criminal enforcement actions by the U.S. government against Binance and Zhao. In 2023, they pled guilty to willfully violating sanctions, refusing to establish an effective anti-money laundering (AML) program, failing to monitor and report suspicious transactions, and failing to properly register with U.S. authorities. According to the U.S. Department of Justice, “Binance‘s and Zhao’s willful violations of anti-money laundering and sanctions laws threatened the U.S. financial system and our national security.” In connection with their guilty plea, Binance and Zhao agreed to pay over $4 billion—one of the largest corporate penalties in U.S. history—and Zhao received a prison sentence.
Sparacino PLLC’s lawsuit alleges that the defendants deliberately ignored AML/CTF (Counter-Terrorist Financing) and Know Your Customer (KYC) requirements, thus enabling terrorists to use the Binance cryptocurrency exchange to raise and move hundreds of millions of dollars. Using blockchain analysis, the plaintiffs have identified voluminous transactions between Binance and wallets associated with foreign terrorist organizations and their affiliates. For example, Binance helped Hamas obtain at least $56 million and helped PIJ obtain at least another $59 million. Plaintiffs also allege that Binance illegally conspired with these violent terrorists and their enablers.
Sparacino PLLC’s Managing Partner, Ryan Sparacino, said, “This lawsuit is yet another example of our tireless pursuit of corporate enablers of terrorism. They must be held accountable for their actions, and we will not stop until they are brought to justice.”
The Amended Complaint in Troell, et al. v. Binance Holdings, et al. is available online at https://terrorismcase.com/troell-amended/.
Media Contact: Hilary Lister, [email protected]
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