Hamas victims sue Binance

Summary

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.

Transcript

[A]

This podcast is supported by Odoo. Some say Odoo business management software is like fertilizer for businesses because the simple, efficient software promotes growth. Others say Odoo is like a magic Beanstalk because it scales with you and is magically affordable. And some describe Odoo's programs for manufacturing, accounting and more as building blocks for creating a custom software suite. So Odoo is fertilizer Magic Beanstalk building blocks for business Odoo exactly what businesses need. Sign [e-mail] that's O D O O.com.

[B]

Introducing your new Dell PC with the Intel Core Ultra processor. It helps you handle a lot, even when your holiday to do list gets to be a lot like organizing your holiday shopping and searching for great holiday deals and customer questions and customers requesting custom things. Plus planning the perfect holiday dinner for vegans, vegetarians, pescatarians, and Uncle Mike's carnivore diet. Luckily you can get a PC with all day battery life to help you get it all done. That's the power of a Dell PC with Intel inside and backed by Dell's price match guarantee. Get yours at the best price of the year by visiting Dell.com Holiday terms and conditions apply. See Dell.com for details.

[C]

The billionaire founder of Binance is Accused of Funding Terrorism Live from the uk, this is the Marketplace Morning report from the BBC World Service. I'm Guy Kilty. Good morning. The founder of the world's largest cryptocurrency exchange, Binance, is being sued by victims of the Hamas attack on Israel in October 2023. Last year Changpeng Zhao was jailed in the United States after pleading guilty to money laundering, but was pardoned by President Donald Trump. The BBC's Nick Marsh has been following this from our business hub in Singapore. Hi Nick.

[D]

Hi there.

[C]

Just tell us who is suing Changpeng Zhao and why he is being sued.

[D]

By the victims and relatives of the victims of the October 7 attacks which were carried out by Hamas which killed so many people. As we know in in Israel. They are accusing Binance and this is more than 300American plaintiffs. This is a U.S. lawsuit. They're accusing Binance and Changpeng Zhao of knowingly enabling groups such as Hamas, but also groups like Hezbollah and Iran's Revolutionary Guard as well, of basically allowing them to move more than a billion dollars through its platform. Now, Changpeng Zhao pleaded guilty to money laundering a couple of years ago when Joe Biden was in the White House. He served four months in jail last year. This lawsuit, however, alleges that another $50 million was funneled to Hamas, the using binance after the October 7 attacks and even after Changpeng Zhao had pleaded guilty. So they are looking for big damages and a big compensation package relating to these accusations.

[C]

Do we know what the likely outcomes are then? Is it a question of damages? In this case?

[D]

It is, exactly, yes. Binance are facing another lawsuit actually at the moment in Manhattan. This one's being filed in North Dakota, the one we're talking about, but they're already facing one in Manhattan. Similar thing to do with funding ending terrorist activity. Binance, for the record, says that it complies fully with internationally recognized sanctions laws. It's still the biggest crypto platform in the world, by the way. Billions of billions of dollars passing through all the time. Interestingly, though, there is a link to the White House and to Donald Trump specifically in all of this, because Changpeng Zhao, he served his time and last month he was officially pardoned by Donald Trump, which prompted questions as to why he was pardoned. When Donald Trump himself was asked, why did you pardon him? He said, 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. And a lot of people pointed out at the time that Zhao's companies had partnerships with companies run by Donald Trump's sons and that the Trump family had a lot of crypto investments. So 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.

[C]

Nick Marsh, thanks for joining us on Marketplace.

[A]

Pleasure.

[D]

Good to talk.

[C]

Now, you may remember our recent story about Serbia's main oil refinery, nis, when Russia's investment in the company made it a subject of U.S. sanctions. Well, in the last hour, Serbia's president, Aleksandr Vucic has said the refinery, which produces 80% of the country's gasoline and diesel, has slowed production and faces shutdown in four days. Serbia has called on the US to give it a license to continue to operate the refinery while alternative arrangements can be made. Let's do the numbers. In the Netherlands, shares In the bank ABN AMRO are up almost 5% today after its boss said the company plans to reduce its workforce by around 25% over the next three years. Meanwhile, shares in Novo Nordisk are up around 1% following a slump on Monday, Stocks in the Danish drug maker fell on the news that a pill version of Ozempic failed to slow cognitive decline in patients with Alzheimer's disease. Taiwan's leading computer chip maker, tsmc, says it's filed a lawsuit against its former senior executive, Wei Jian Lo, who recently joined US Rival intel under the Trade Secrets act and employment contract terms. It follows reports alleging a former senior executive of TSMC may have taken advanced technology data to his new employer. Intel has not yet responded to the lawsuit, but its chief executive previously dismissed the allegations. The boss of Britain's biggest telecommunications company, Vodafone, has told the BBC that there are growing risks to Europe's submarine cables, Margarita Della Valley, and addressed the recent threats posed by Russia and said international cooperation is necessary to keep the security of digital infrastructure on the continent safe.

[E]

Vodafone is the largest player across the whole of Europe on submarine cables. We are one of the top 10 carriers of the world's Internet traffic with our networks internationally. It does make sense in areas like this to actually cooperate across border within Europe for better security and resilience so that we can piggyback on each other within Europe to ensure that our networks are always resilient and effective even in a time of crisis.

[C]

Vodafone's Margarita Della Valley A plume of ash from a volcanic eruption in Ethiopia is forcing flights across a wide area of the Middle east and India to be rerouted or cancelled. The BBC's Neil Morrow has more details.

[F]

The eruption of the highly gooby volcano in Ethiopia, which has been dormant for several thousand years, began on Sunday morning, sending an ash column through thousands of feet into the atmosphere. Dozens of flights have been cancelled, delayed or rerouted in India because of the ash, with the country's aviation regulator asking airlines to strictly avoid affected areas. While the precise level of ash contamination is unclear, experts say it's unlikely to affect Delhi's already notorious air quality. I'm the BBC's Neil Morrow for Marketplace.

[C]

Do subscribe to our podcast. Just search for the global edition of Marketplace Morning Report in your podcast app in the uk. I'm Guy Kilty with the Marketplace Morning Report from the BBC World Service.

[G]

Imagine a future where chocolate and coffee are rare and expensive, where cheap nutritional staples like corn and wheat are threatened. Sounds unpleasant, doesn't it? Well, we could be heading there if we don't recognize that the climate crisis is also a food crisis.

[C]

I've seen yields drop because of drought and believe me, boy have I seen them drop. We have had dry spells that have lasted years.

[G]

I'm Amy Scott. This season on How We Survive, we investigate how the climate crisis is threatening our most vital food systems and how scientists are racing to develop alternatives that will shape the future of food. Listen to this season of How We Survive on your favorite podcast. Apparently.