July 16, 2024
Binance and Israeli Authorities Collaborate to Block Hamas-Linked Bitcoin Accounts
Policy & Regulation

Binance and Israeli Authorities Collaborate to Block Hamas-Linked Bitcoin Accounts

The Israeli police’s Cyber Unit stated on Tuesday that it has worked with Binance to block many Bitcoin accounts connected to Hamas.

The Israel Security Agency, the Ministry of Defense, and other national intelligence organizations collaborated on the plan.

It is a component of the actions conducted in response to the horrific attacks launched by Hamas against Israel since Saturday.

The cryptocurrency exchange helped the Israeli government identify and deactivate the related accounts.

“Binance actively partners with global law enforcement agencies and regulators, united in the mission to combat terror financing,” a Binance spokesperson explained. “Over the past few days, our team has been working in real-time, around the clock, to support ongoing efforts to combat terror financing. We are committed to ensuring the safety and security not just of the blockchain ecosystem but also of the global community through our proactive work.”

According to the police statement, these profiles were created by Hamas, and they have been actively seeking money on social media since Saturday.

Along with working with British law enforcement, Israel’s Police Cyber Unit blocked a UK Barclays Bank account that Hamas had used to solicit funds.

The use of crypto by terrorist organizations like Hamas is not new.

To avoid international penalties, Hamas published its first request for cryptocurrency donations in February 2019.

According to a May 2018 Reuters report, Israeli officials had roughly 190 cryptocurrency accounts on Binance frozen starting in 2021.

A sizable part of these relate to Palestinian businesses with ties to Hamas.

Hamas has amassed tens of thousands of dollars via cryptocurrency over the years, according to blockchain analytics company Chainalysis.

The Al-Qassam Brigades (AQB), the military wing of Hamas, however, declared in April of this year that their cryptocurrency contribution scheme would be ending. They noted effective government initiatives to track down and penalize funders.

A few weeks later, in June, the Israeli government declared that it had confiscated cryptocurrency valued at $1.7 million from accounts connected to Hezbollah and the elite Quds Force of the Iranian Revolutionary Guard.

These two organizations have been excluded from the established international banking system by the United States, which has labelled them as terrorist organizations.

According to Israeli Defense Minister Yoav Gallant at the time, the operation set “a precedent by exposing the source of terrorist financing through digital currencies.”

Following the continued attacks on Israel, leaders in the local crypto community started an effort called Crypto Aid Israel to gather money for displaced civilians.

A multi-signature wallet run by Crypto Aid Israel is used to collect donations in a variety of cryptocurrencies, including BTC, ETH, USDT, and USDC.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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