Israel’s Police Collaborates with Binance to Freeze Hamas-Linked Crypto Accounts
The Cyber Unit of Israel’s police has announced its partnership with Binance in freezing multiple cryptocurrency accounts associated with Hamas. This joint effort involved the Ministry of Defense, the Israel Security Agency, and other intelligence agencies in response to the recent attacks carried out by Hamas against Israel. Binance actively supports global law enforcement agencies and regulators in combating terror financing.
The Israeli authorities, with assistance from Binance, successfully pinpointed and deactivated the Hamas-linked accounts. These accounts were used by Hamas to raise funds through various social media platforms. Additionally, the Israeli Police Cyber Unit collaborated with British police to freeze a Barclays Bank account in the UK that Hamas had referred to for donations.
Hamas’ Use of Cryptocurrency
Hamas has a history of utilizing cryptocurrency for fundraising purposes. In February 2019, they called for crypto donations as a means to evade international sanctions. Last year, Israeli authorities seized nearly 190 crypto accounts on Binance, many of which belonged to Palestinian firms associated with Hamas. Chainalysis, a blockchain analytics firm, revealed that Hamas had managed to secure tens of thousands of dollars through crypto over the years.
In April 2021, Hamas announced the shutdown of their crypto donation program due to successful government efforts in identifying and prosecuting donors. In June, the Israeli government seized $1.7 million worth of crypto from accounts linked to Hezbollah and the Iranian paramilitary Revolutionary Guard’s elite Quds Force. The United States has designated these groups as terrorist organizations.
Crypto Aid Israel Initiative
In response to the ongoing attacks against Israel, local crypto community leaders launched Crypto Aid Israel. This initiative aims to raise funds to assist citizens displaced by the conflict. Crypto Aid Israel operates a multi-sig wallet that accepts donations in various cryptocurrencies such as BTC, ETH, USDT, and USDC.
Hot Take: Taking Action Against Terror Financing
The collaboration between Israel’s police and Binance to freeze Hamas-linked crypto accounts demonstrates a proactive approach in combating terror financing. By leveraging blockchain technology and working closely with law enforcement agencies, initiatives like Crypto Aid Israel can provide support to those affected by conflicts while ensuring the safety and security of the global community.
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