Marketplace Morning Report

Episode: Hamas Victims Sue Binance
Date: November 25, 2025
Host: Guy Kilty (BBC World Service)

Episode Overview

This episode focuses on a major lawsuit filed against Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange. Victims and families affected by the Hamas attack on Israel in October 2023 are suing Zhao and Binance, alleging the platform knowingly enabled terrorist groups to move large sums of money. The episode also briefly covers other significant global business and policy developments, including sanctions on a Serbian oil refinery, workforce changes at ABN AMRO, and security risks to Europe’s telecommunications infrastructure.

Key Discussion Points & Insights

1. Lawsuit Against Binance and Its Founder

[01:14 – 04:29]

• Nature of the Lawsuit

  • Over 300 American plaintiffs—victims and relatives of the October 7, 2023 Hamas attack—are suing Binance and founder Changpeng Zhao.
  • Allegation: Binance knowingly enabled groups like Hamas, Hezbollah, and Iran’s Revolutionary Guard to move more than $1 billion through its platform.
  • The lawsuit claims that after Zhao pleaded guilty to money laundering (during the Biden administration), another $50 million was still funneled to Hamas post-attack.

• Background on Changpeng Zhao

  • Zhao pleaded guilty to money laundering, served four months in prison, and was later pardoned by President Donald Trump.
  • The episode highlights controversy around this pardon, noting Trump’s statement:

    “I don’t really know the guy, but friends, acquaintances say he’s a great guy. They said I should pardon him. So I did.” (Nick Marsh quoting Trump, [03:50])

  • Noted that Zhao’s companies had ties with Trump family businesses and the Trump family were significant crypto investors.

• Implications and Observations

  • Lawsuit seeks substantial damages and compensation, focusing on Binance’s alleged continued facilitation of illicit funds even post-conviction.
  • Binance asserts compliance with international sanctions and remains the world’s largest crypto exchange.
  • The case is being filed in North Dakota, alongside another similar lawsuit in Manhattan.

• Political Context

  • The situation juxtaposes Trump’s pro-Israel, anti-Hamas stance with his controversial pardon of Zhao.
  • Raises questions about the intersection of business, political influence, and international finance.

  Notable Quote:

  “You have a situation where Donald Trump, big supporter of Israel, very vehemently anti-Hamas—it goes without saying—is pardoning a major business figure whose platform is accused of having knowingly enabled money to be funneled to groups like Hamas.”
  —Nick Marsh ([04:16])

2. Updates on Global Business & Markets

[04:33 – 06:47]

• Serbia’s Oil Refinery Crisis

  • NIS, Serbia’s main oil refinery, faces possible shutdown within four days due to US sanctions connected to Russian investments.
  • Serbia’s president appeals to the US for a temporary license to continue operations.

• European Markets & Corporate Moves

  • ABN AMRO (Dutch bank) to cut workforce by 25% over three years; shares rose nearly 5%.
  • Novo Nordisk shares recover modestly after a dip attributed to negative Alzheimer’s drug trial results.
  • Taiwan’s TSMC sues ex-executive now at Intel for alleged theft of advanced technology trade secrets.

• Telecommunications Security in Europe

  • Vodafone CEO Margarita Della Valle stresses increased risks to Europe’s submarine cables, urging cross-border cooperation for digital infrastructure security:

    “It does make sense in areas like this to actually cooperate across border within Europe for better security and resilience...”
    —Margarita Della Valle ([06:17])

3. Global Events Affecting Commerce

[06:47 – 07:33]

• Volcanic Disruptions in Ethiopia

  • Eruption of the long-dormant Highly Gooby Volcano sends ash into the atmosphere, causing flight cancellations and delays across the Middle East and India.
  • Indian authorities advise airlines to avoid affected airspace, with minimal expected impact on Delhi’s air quality.

  “Dozens of flights have been cancelled, delayed or rerouted in India because of the ash…”
  —Neil Morrow ([07:00])

Memorable Moments & Quotes

• Guy Kilty summarizes the episode’s main segment succinctly:

  “The founder of the world’s largest cryptocurrency exchange, Binance, is being sued by victims of the Hamas attack on Israel in October 2023.” ([01:14])

• Nick Marsh on the strange U.S.-crypto-political context:

  “Interestingly, there is a link to the White House and to Donald Trump specifically in all of this, because Changpeng Zhao…was officially pardoned by Donald Trump, which prompted questions as to why he was pardoned.” ([03:32])

• Vodafone CEO on the need for European cooperation:

  “We are one of the top 10 carriers of the world’s Internet traffic with our networks internationally…for better security and resilience so that we can piggyback on each other within Europe…” ([06:17])

• BBC’s Neil Morrow on the unexpected reach of natural events:

  “The eruption…began on Sunday morning, sending an ash column through thousands of feet into the atmosphere.” ([07:00])

Timestamps for Key Segments

• Introduction to Binance lawsuit: [01:14]
• Allegations and lawsuit details: [01:53 – 03:01]
• Political context and Trump’s pardon: [03:01 – 04:29]
• Serbian oil crisis: [04:33]
• European and global market updates: [05:00 – 06:20]
• Vodafone security concerns: [06:17]
• Ethiopian volcano disrupts flights: [07:00]

Tone & Style

The reporting is businesslike, incisive, and moves briskly—providing concise explanations and succinct interviews. The tone remains neutral yet probing, especially on the intersection of business, politics, and global security.

This episode will be especially relevant for listeners interested in global finance, international policy, the ongoing fallout from the Israel-Hamas conflict, and the entwined nature of tech, money, and power in today’s world.