Coinbase Supports Initiative to Prevent Illegal Activities from Hamas in Crypto Space
Coinbase, a leading crypto exchange, is actively participating in an initiative to combat illegal activities carried out by terrorist organizations such as Hamas. The company firmly believes that no asset, whether it be gold, fiat money, or cryptocurrencies, should be used to finance terrorism.
With approximately 400 employees dedicated to compliance monitoring and investigations, Coinbase is committed to reporting suspicious transactions to regulators. They also take measures to block IP addresses associated with prohibited jurisdictions where Hamas might receive donations.
“Blockchain analytics technology allows us to trace, report, and even prevent terrorist financing. This is why it’s critical to prevent crypto from thriving offshore and ensure that the US continues to be a world leader in the fight against financial crime and terrorism.”
Coinbase team
In recent months, there have been significant efforts to crack down on terrorist financing in the crypto space. Israeli authorities froze 190 addresses on Binance suspected of funding terrorism. Tether also implemented a similar initiative by freezing over 30 addresses worth approximately $835 million.
A Chainalysis study revealed that in 2022 alone, the illegal use of cryptocurrency amounted to a record-breaking $20.1 billion. Transactions associated with sanctioned entities accounted for 44% of illicit activity.
Hot Take: Combating Terrorist Financing in the Crypto Space
The involvement of major crypto exchanges like Coinbase in preventing terrorist financing demonstrates the industry’s commitment to combating illicit activities. By leveraging blockchain analytics technology, companies can trace and report suspicious transactions, making it increasingly difficult for terrorist organizations to utilize cryptocurrencies for their operations.
Initiatives like freezing suspicious addresses and blocking IP addresses associated with prohibited jurisdictions are crucial steps in preventing the misuse of crypto. These efforts not only protect the integrity of the financial system but also ensure that the US remains at the forefront of the fight against financial crime and terrorism.
While there is still work to be done, these proactive measures by Coinbase and other entities signal a positive shift towards a safer and more secure crypto ecosystem.
By
By
By
By
By