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Israel and Binance join forces to freeze crypto accounts linked to Hamas

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Israeli authorities froze multiple cryptocurrency accounts after joining forces with Binance.
The move was made to disrupt the flow of funds to Hamas, a Palestinian militant group.

Israeli authorities joined forces with the global crypto exchange Binance to freeze multiple cryptocurrency accounts allegedly linked to Hamas. The move came in response to a series of deadly attacks carried out by Hamas against Israel on Saturday, 7 October.

This coordinated operation, spearheaded by Israel’s police Cyber Unit, saw collaboration with the Ministry of Defense, the Israel Security Agency, and other national intelligence agencies. Together, they aimed to disrupt the flow of funds to Hamas, a Palestinian militant group.

Binance played a crucial role in this operation. Additionally, the exchange actively partnered with law enforcement agencies and regulators worldwide to combat terror financing.

The frozen accounts, confirmed by the police, were traced back to Hamas. Furthermore, the accounts had been actively soliciting donations through various social media platforms.

The Israel Police’s Cyber Unit, in collaboration with the Ministry of Defense, the Israel Security Agency, and other national intelligence agencies, has successfully frozen cryptocurrency accounts used by Hamas for fundraising their activities pic.twitter.com/PrUV4ybrxZ

— Israel Police (@israelpolice) October 10, 2023

Cracking down on terror financing

Hamas’s venture into the world of crypto fundraising dates back to February 2019 when they first sought digital donations as a means to circumvent international sanctions. In May 2022, Israeli authorities had already taken action against nearly 190 crypto accounts on Binance. Additionally, many of these belonged to Palestinian firms linked to Hamas.

Blockchain analytics firm Chainalysis
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Author: Suzuki Shillsalot

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