Israeli Authorities Request Information on Over 100 Crypto Accounts Blocked by Binance
According to reports, Israeli authorities have requested information on more than 100 crypto accounts that have been blocked by Binance. The popular crypto exchange took action against these accounts, which are allegedly associated with Hamas, a militant group supported within the Palestinian territories. The move was made at the request of Israeli authorities.
In addition to the blocked accounts, Israel has also requested information on around 200 more crypto accounts, most of which are believed to be held on Binance. While the exact details of the request are unclear, a spokesperson for Binance confirmed that they had blocked a small number of accounts in compliance with internationally recognized sanctions rules since summer 2023.
Israeli Law Enforcement Monitoring Crypto Activities
Israeli law enforcement has been closely monitoring the use of cryptocurrencies as militant groups in the Middle East have reportedly received significant amounts of funds through digital currencies. In June 2023, Israel seized millions of dollars worth of cryptocurrencies linked to Iran’s Quds Force and Hezbollah. This marked a major crypto-related seizure facilitated by Israel’s intelligence agency, Mossad, military intelligence, and local police.
Following the recent assault launched by Hamas from the Gaza Strip, Israel has increased its oversight of the crypto market in the region. Tether, the company behind USDT stablecoin, announced that it had frozen over 30 addresses totaling $873,118 due to illicit activity in Israel and Ukraine. However, it did not specify if these actions were directly related to Hamas.
Risks of Being Blocked on Centralized Exchanges
Former Paxful head Ray Youssef warned users about the growing risks of being blocked on centralized exchanges. He highlighted how regulators worldwide are intensifying efforts to track and seize crypto funds sent to Hamas. Youssef mentioned that all crypto exchanges are facing pressure to freeze funds and accounts from Arab countries, particularly citing reports from Gaza, Lebanon, and Syria.
Hot Take: Increased Scrutiny on Crypto Activities Linked to Militant Groups
Israeli authorities have requested information on additional crypto accounts linked to Hamas, a militant group in the Palestinian territories. Binance has already blocked 100 accounts associated with Hamas at the request of Israeli authorities. This action is part of Israel’s ongoing efforts to monitor and restrict the use of cryptocurrencies by militant groups in the Middle East.
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