Israeli Police Seize Hamas Crypto Accounts After Recent Attacks
Israeli police have confiscated cryptocurrency accounts belonging to the Palestinian militant group Hamas following their recent attacks. The police, assisted by Binance, located and froze the funds in Hamas’ wallets and transferred them to the Israeli government treasury.
Binance Under Scrutiny Again
Hamas allegedly solicited crypto donations through social media after launching its offensive against Israel. The group then directed the funds raised to custodial wallets on an exchange. The Israeli police, along with UK authorities, also tracked down a British bank account used by Hamas for additional funding.
Binance co-founder He Yi stated that their cooperation with Israel was specific to Hamas and not the entire Palestine region. Last year, Israeli police seized funds in Binance accounts believed to belong to Hamas, but Binance denied allegations of misrepresenting its counter-terrorism financing measures.
The US Commodity Futures Trading Commission (CTFC) has previously filed a lawsuit against Binance for its alleged lax approach to detecting criminal activity.
Iran’s Links with Hamas and Crypto
Hamas launched its first deadly attack on Israel since 1948, resulting in numerous casualties. Iran supports Hamas as part of the Axis of Resistance, which seeks to eliminate Israel. However, Iran’s UN mission claims that the attack was solely carried out by Palestine itself.
The US has deployed military assets closer to Israel as a deterrent against Iran. Western powers have imposed sanctions on Iran due to its uranium enrichment program. In 2022, Reuters reported that Binance allowed Iranians to use its platform to bypass US sanctions, but Binance claimed to have liquidated Iranian accounts that same year.
Last year, Kraken settled with the US Office of Foreign Assets Control (OFAC) over allegations of allowing Iranians to use its platform despite sanctions.
Hot Take: Israeli Police Crack Down on Hamas Crypto Accounts
The Israeli police’s seizure of Hamas’ crypto accounts demonstrates their commitment to combating terrorist financing. By freezing and transferring the funds, they have dealt a blow to Hamas’ financial resources. Binance’s cooperation in this operation highlights their willingness to assist law enforcement agencies in addressing criminal activities involving cryptocurrencies.
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