The aftermath of events taking place on Israel’s border with the Gaza Strip, lead to a situation where the authorities in Jerusalem and leading cryptocurrency exchange Binance joined forces. The set up operation to freeze accounts linked to Hamas. The initiative, which is an example of cross-sector cooperation, has proven effective in interrupting the flow of funds into the hands of the terrorist organization.
Hamas cut off from cryptocurrencies
Calcalist, a respected Tel Aviv-based news service, reliably described the entire incident, noting the details of the operation, which aimed to stop Hamas’ funding through cryptocurrencies.
“As the conflict escalates, Hamas is stepping up its fundraising campaign on social media platforms, appealing to the community to make cryptocurrency donations to its account. The police’s cyber unit, Lahav 433, immediately took action, and the Binance cryptocurrency exchange provided support in locating and securing these accounts,” – reads the police statement.
This is not the first time Israeli authorities have decided to take such action. Back in April, 190 accounts on the Binance platform were confiscated, including those linked to Hamas and ISIS, demonstrating the scale of the challenge and the need to maintain a high level of commitment in the fight against terrorist financing.
Binance against terrorism
Even earlier, in January of this year, the National Bureau for Combating Terrorist Financing (NBCTF) seized two Binance accounts and their contents. Although details of the cryptocurrencies’ value were not disclosed, the aim of the action was to undermine the Islamic State’s ability to achieve its goals.
Binance notes that close cooperation with international counterterrorism authorities is an absolute priority. However, it is also important to understand that terrorist groups do not set up accounts under their own names, which makes detecting and blocking these accounts a challenge.
Israel and Binance’s initiative is a significant step in combating terrorist financing and strengthening regional and global security. The use of blockchain technology to monitor and secure cryptocurrency transactions opens new perspectives in the fight against terrorism and financial crime on a global scale. Such international cooperation has the potential to dramatically reduce the impact of terrorist organizations such as Hamas and the Islamic State on global stability and security.
Cryptocurrencies offer transparency to be drawn from
In the face of the growing threat of financial terrorism, the cooperation of institutions such as the Israeli government and leading cryptocurrency exchange Binance provides a model for other countries and government entities around the world. Joint efforts to combat terrorist financing are crucial to maintaining international security and stability, and cryptocurrency technology is becoming an extremely important tool in this fight.
