Israeli Police Freeze Crypto Accounts Linked to Hamas
Israeli law enforcement has taken immediate action to combat terrorist financing by freezing cryptocurrency accounts associated with the Palestinian militant group Hamas. This move follows an escalation of tensions between Hamas and Israel, resulting in a comprehensive blockade of the Gaza Strip.
Collaboration with Israeli Authorities and Binance
The cyber division of Israel Police’s Lahav 433 unit executed the operation to freeze these cryptocurrency assets in close collaboration with the country’s defense ministry, intelligence agencies, and Binance. The frozen funds will be redirected to the Israeli national treasury.
Previous Actions Against Binance Accounts
This recent action against Binance accounts is not the first. Israeli authorities have been targeting Binance accounts since 2021, alleging ties to terrorist organizations such as Hamas and Daesh (ISIS). In fact, approximately 190 Binance accounts with alleged links to various terrorist groups have already faced action from Israeli authorities since 2021.
Revelation of Undisclosed Documents
Undisclosed documents from Israel’s National Bureau for Counter-Terror Financing (NBCTF) have shed light on these operations. The NBCTF seized cryptocurrency assets from two accounts suspected of having connections to Daesh in January. Additionally, government records dating back to 2021 indicate that over 100 Binance accounts were linked to Hamas.
Disrupting Terrorist Operations
The confiscation of these assets by the NBCTF aims to disrupt Daesh’s operations and undermine its objectives. Israeli law empowers the defense minister to order the seizure of assets affiliated with designated terrorist organizations.
Criticism of Binance’s AML Practices
Binance has faced criticism regarding its anti-money laundering (AML) practices, with critics arguing that its policies have inadvertently facilitated users in bypassing AML controls. Reports suggest that since 2017, Binance has processed over $10 billion in payments associated with criminal enterprises and individuals evading U.S. sanctions.
Hot Take: Israeli Police Crackdown on Terrorist Financing through Crypto
Israeli law enforcement’s freezing of cryptocurrency accounts linked to Hamas demonstrates their commitment to combating terrorist financing. This action, carried out in collaboration with Binance, showcases the ongoing efforts to disrupt the financial networks of terrorist organizations. However, it also highlights the need for improved anti-money laundering practices within the crypto industry to prevent inadvertent facilitation of illicit activities. The seizure of these assets sends a strong message that cryptocurrencies will not be a safe haven for those seeking to fund terrorism.
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