Key Insights
- Israeli law enforcement freezes over 100 cryptocurrency accounts on Binance, with an additional 200 accounts under scrutiny, to curb Hamas funding.
- The action is in response to attacks by Hamas and their subsequent classification as a terrorist group by multiple nations.
- Tether, a major stablecoin issuer, also freezes funds from 32 crypto addresses associated with terrorism and warfare in Israel and Ukraine, cooperating with Israel’s NBCTF.
Israeli authorities have taken measures to freeze more than 100 accounts on Binance, the world’s largest cryptocurrency exchange. This action comes in response to the attacks carried out by Hamas on October 7th.
The Israeli law enforcement’s objective is to disrupt the funding sources of the Palestinian militant group.
Israel’s Struggle to Halt Hamas Funding via Binance
Reports by the Financial Times suggest that in addition to the frozen accounts, authorities have requested information regarding approximately 200 other cryptocurrency accounts, with the majority of them being associated with Binance.
These actions are part of a broader effort by Israeli law enforcement to impede financial flows to Hamas, an organization classified as a terrorist group by the United States, the United Kingdom, and various other jurisdictions worldwide.
This move by Israeli law enforcement follows the recent escalation of conflict between Israel and Hamas, which has resulted in both armed conflict and a blockade of the Gaza Strip. Israeli authorities have been collaborating with both the public and cryptocurrency firms to obstruct financial support for the militant group.
Binance acknowledged last week that it was cooperating with Israeli authorities to combat the financing of terrorism. Although the exchange confirmed that it had “blocked” a “small number” of accounts, specific details regarding the extent of this action were not disclosed.
The report also includes comments from an anonymous Binance employee, who mentioned the need to identify all Binance customers associated with addresses published by Hamas for soliciting donations.
Furthermore, it’s worth noting that Tether, a prominent stablecoin issuer, announced that it had frozen funds in 32 cryptocurrency addresses linked to terrorism and conflict in Israel and Ukraine. Tether is actively collaborating with Israel’s National Bureau for Counter Terror Financing (NBCTF) to address these concerns.
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