While the war between Palestine and Israel escalates, crypto enthusiasts have turned to the developments in the Middle East. According to a local source, Israeli police froze and seized cryptocurrency accounts linked to Hamas on Tuesday, “with the help of the crypto exchange Binance.”
Israeli police has frozen crypto accounts associated with the Palestinian militant group Hamas. It was reported that Binance, the world’s largest cryptocurrency exchange, assisted in freezing the crypto accounts.
Stay safe anything is possible in this war 🙏
— @BINT E HAWA (@BINTEHAWA939) October 10, 2023
The Hamas supposedly used the digital assets accounts to collect donations through social media platforms. The report shows the terrorists launched fund-raising campaigns amidst the war, asking individuals to contribute via cryptocurrencies.
However, Lavav 433’s cybercrime unit responded swiftly, identifying and freezing the accounts with Binance’s assistance. Also, the lawmakers will keep any seized funds in the country’s national treasury.
Binance’s regulatory stance
Binance has struggled with compliance issues recently, which have seen its business dwindling. In March 2023, the US Commodities Futures & Trading Commission suedBinance’s Changpeng Zhao. The regulator accused the crypto exchange of violating derivatives and trading rules.
Further, Israeli authorities have been monitoring Binance accounts. Since 2021, they have seized more than 190 accounts associated with terrorist groups.
While regulatory challenges forced Binance out of jurisdictions such as Canada, the exchange promised to cooperate with global regulators to streamline its offerings. It remains dedicated to that, and Binance has worked nonstop over the last few days to battle terrorism financing as Israel-Palestine conflict continues.
While Binance’s battle with CFTC continues, collaborating with the Israeli police demonstrates the firm’s commitment to working with regulators and ensure compliance. Also, fighting illegal undertakings on its platform showcases the necessity of ensuring a secure crypto market for global users.
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