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Lawyers for the October 7 families claim that Binance facilitated transactions to cryptocurrency wallets linked to Gaza-based organisations that the exchange knew, or should have known, were linked to Hamas and other proscribed terrorist groups.

They allege that more than $50mn in transactions to accounts linked to Hamas, Iran's Revolutionary Guards, Lebanese militant movement Hizbollah and Palestinian Islamic Jihad, another faction in Gaza, on public blockchains were facilitated by Binance since October 7 2023.

They further allege that wallets run by Binance itself "sent the equivalent of more than $300mn to designated wallets on the blockchain before the...attacks and more than $115mn after".

"Binance ensured that terrorists and other criminals could deposit and shuffle enormous sums on the exchange with impunity," lawyers for the plaintiffs allege in the suit, adding that some of the accounts in question remain active. "To this day, there is no indication that Binance has meaningfully altered its core business model."

In the months leading up to Zhao's pardon, Binance received a $2bn investment from an Emirati fund that was made using a stablecoin issued by a group part owned by the Trump family.