Israeli Authorities Freeze Hamas-Linked Crypto Accounts
In a proactive move to combat the financing of terrorism, Israeli law enforcement has taken decisive action by freezing cryptocurrency accounts tied to the Palestinian militant organization Hamas.
The urgency behind this action follows a series of coordinated attacks by Hamas on Israel over the weekend, which escalated tensions to the point of an all-out war. In response, Israel’s defense minister initiated a comprehensive blockade of the Gaza Strip.
The operation to freeze these cryptocurrency assets was executed by the cyber division of Israel Police’s Lahav 433 unit. It was carried out in close collaboration with various governmental bodies, including the country’s defense ministry, intelligence agencies, and even cryptocurrency exchange giant Binance. The seized funds will be directed into the Israeli national treasury.
This significant move comes in the wake of a lawsuit filed against Binance’s CEO, Changpeng “CZ” Zhao, by the U.S. Commodities Futures and Trading Commission (CFTC) in March. The lawsuit alleged that the exchange was aware of “HAMAS transactions” taking place on its platform. Remarkably, Israeli authorities had already taken action against roughly 190 Binance accounts, all suspected of having connections to various ‘terrorist’ groups, beginning as early as 2021.
Israeli authorities have been actively targeting Binance accounts since 2021, primarily alleging links to terrorist organizations, particularly Hamas and Daesh (ISIS). These accounts were reportedly associated with individuals affiliated with these groups.
Previously undisclosed documents from Israel’s National Bureau for Counter-Terror Financing (NBCTF) have now shed light on these operations. Back in January, the NBCTF confiscated cryptocurrency assets from two accounts suspected of having ties to Daesh, a designated terrorist organization primarily active in Syria and Iraq. Furthermore, government records dating back to 2021 indicate that over 100 Binance accounts were believed to have alleged links to Hamas, the Palestinian militant organization that has been involved in numerous conflicts with the Israeli Defense Forces.
The NBCTF, in its justification for the confiscation of these assets, stated that its aim was to disrupt Daesh’s operations and undermine its objectives. It is noteworthy that under Israeli law, the defense minister holds the authority to order the seizure of assets associated with designated terrorist organizations.
Binance has previously faced mounting criticism regarding its anti-money laundering (AML) practices. Critics argue that the exchange’s policies inadvertently facilitate users in bypassing AML controls. Reports suggest that since 2017, Binance has processed over $10 billion in transactions associated with criminal enterprises and individuals seeking to evade U.S. sanctions.
Disclaimer: This article is provided solely for informational purposes and does not constitute legal, tax, investment, financial, or other advice.
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