Amidst the live Israel-Hamas war, the country seizes the crypto accounts of Hamas, a Palestinian Islam militant movement and a major Palestinian political party. From the recent local reports it was known that Israel has taken a step to freeze the crypto accounts associated with Hamas with the help of Binance, a global cryptocurrency exchange platform.
Israel Seizes Hamas Crypto Accounts
The accounts were frozen by Lahav 433, the cyber police unit of Israel working with the Defense Minister of the nation, and Shin Bet Intelligence, a general security service that handles the internal intelligence affairs of Israel, and by collaborating with Binance.
The country stated that the need for such an action was necessary to halt the crypto accounts to stop all kinds of fund accumulation that might aid Hamas in carrying out its functions inside the country.
In an official statement released by the nation, it was informed that the outbreak of war has caused Hamas’s political organization to initiate fundraising campaigns on social media platforms encouraging their supporters and other public to deposit and donate cryptocurrencies towards the organization’s own accounts.
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Binance Supporting To Seizes Hamas Crypto Accounts
The statement mentioned that the terrorist organization of Hamas is behind all this; Hamas is designated as a political faction with terrorist intentions by the European Union as well as the United States. Previously in 2021, Israel had seized around 190 accounts in Binance that were associated with terror financing.
In a statement released via a spokesperson, Binance viewed that a dedicated team of the exchange has been working in real-time with the officials of Israel to support their effort to curb terror financing. The spokesperson also said that Binance was committed to ensuring the safety and security of the global community as well along with doing the same on the blockchain ecosystem.
Earlier in March of this year, 2023, Binance had faced an accusation from the US in which it was condemned for enabling illicit transactions of Hmas on its platform. This needs to be taken under control as a kind of insufficiency in these platforms not being able to trace out and prevent such kind of terror finances in their platforms can cause widespread havoc in the general wellbeing and prosperity of the communities that such organizations work against.
The U.S. Commodity Futures Trading Commission (FTC) has already filed a lawsuit that alleges that the officers of Binance had knowledge of the Hamas transaction on their platform.
The reason for such groups with malicious intentions taking advantage of cryptocurrency exchange platforms to channel their finances can be the efficiency that Binance and others provide in cross-border transactions and also as they are restricted from using government channels and public banks for their intentions.
However, the same platform that makes cross-border transactions much simpler and hassle-free can also easily uncover the account links in relation to the transparency that it provides. The government authorities can monitor the working and the whole transaction can be halted by collaborating with intelligence agencies, other exchange platforms, and banks present in different jurisdictions across the nation.
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