Israel Orders Crypto Exchange Binance to Shut Down Hamas-Related Accounts
Israel has instructed cryptocurrency exchange Binance to locate and close all terrorist-related accounts on its platform. This action was taken after Hamas, a Palestinian militant group, carried out an attack in Israel, resulting in the deaths of numerous civilians. The cyber unit of Israel Police’s Lahav 433 has already blocked crypto accounts associated with Hamas. The group had been soliciting donations in cryptocurrency since October 7. Additionally, Lahav 433 is collaborating with UK police to freeze a Hamas-linked account held at Barclays Bank.
Hamas Launches Unprecedented Attack, Prompting Israeli Response
Hamas recently launched an unprecedented assault, killing hundreds of civilians and taking hostages. The group’s objective is to “liberate all Palestinian prisoners” from Israel. So far, the conflict has resulted in approximately 900 deaths and over 2,300 injuries caused by Hamas forces. In response, Israel has increased airstrikes on the Gaza Strip, resulting in around 560 deaths and 2,900 injuries according to Palestinian authorities.
Previous Crypto Seizure Linked to Iran and Hezbollah
In June 2023, Israel seized millions of dollars worth of cryptocurrency from accounts associated with Iran and Hezbollah. These funds were connected to Iran’s military arm, Quds Force, and Lebanon’s militant group Hezbollah, which supports Hamas in its conflict with Israel.
Hot Take: Disrupting Terrorist Financing Through Crypto Regulation
The move by Israel to shut down terrorist-related accounts on Binance demonstrates the ongoing effort to disrupt the financing of extremist groups through cryptocurrencies. By targeting these accounts and freezing assets, governments can hinder the flow of funds that support acts of terrorism. Such actions highlight the need for increased regulation and oversight within the crypto industry to prevent illicit activities and promote security. As cryptocurrencies continue to gain popularity, it is crucial for exchanges and authorities to collaborate in identifying and combating potential threats posed by terrorist organizations seeking to exploit this technology.
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