Binance under scrutiny for seizing Palestinian crypto funds
Binance denied reports suggesting that the crypto exchange seized funds from all Palestinians, stating that only a small number of accounts was restricted.
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Binance denied reports suggesting that the crypto exchange seized funds from all Palestinians, stating that only a small number of accounts was restricted.
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The US Department of Justice has confiscated $201,000 of cryptocurrency linked to Hamas terrorist financing. This seizure marks a significant milestone in the government’s efforts to crack down on illicit activities using digital assets. The funds were believed to be used to support terrorist activities and were traced back to a known Hamas-affiliated cryptocurrency exchange. [...]
The post US Department of Justice Seizes Hamas Cryptocurrency Meant for Financing Terrorism appeared first on Crypto Breaking News.
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The Israeli government through a multi-agency collaboration has seized millions of dollars in cryptocurrency belonging to accounts allegedly linked to groups in Iran and Lebanon. According to the Associated Press, Israeli Defense Minister Yoav Gallant, explained that the accounts were used to fund the Quds Force, the special unit of Iran's paramilitary Islamic Revolutionary Guard Corps responsible for extraterritorial operations, and Hezbollah, a Lebanese political party and militant group supported by Iran.
Israel Slams Hezbollah and the Quds Force
Gallant further alleged that Hezbollah and the Quds Force, two organizations considered a major threat by the Israeli government, are deploying cryptocurrency to finance their activities. The Quds Force has long been accused of supporting and funding various militant groups, including Hezbollah.
The two groups have also been designated as terrorist organizations by the United States, with the European Union considering only Hezbollah's military wing as a terrorist organization. Gallant said the Western Asia country has now “effectively cut off” the flow of funds for terrorism activities through the accounts. He noted that the operation is the first crypto-related operation by Israel targeting both groups.
"Since the beginning of the year, Hezbollah, Quds Force and Syrian elements have used digital currencies in order to obtain in this manner funds from third parties, mainly money changers with whom they perpetrated unlawful transactions, which were used by the terrorist organizations for their ongoing activities," Gallant further explained in a statement released on Wednesday by the National Bureau for Counter Terror Financing of Israel.
The new operation is Israel’s latest move in the campaign against terrorism financing through the use of cryptocurrencies. Last month, Israeli authorities seized 189 Binance accounts allegedly been linked to Palestinian and Islamist terror groups since 2021.
In February last year, the country also confiscated 30 crypto wallets and 12 accounts it deemed connected to terrorism financing. The wallets were allegedly linked to Al Mutahadun, a currency exchange company based in the Gaza Strip. The exchange has been previously accused of providing financial support to the Hamas, a militant group that controls the Gaza Strip in Palestine.
Gallant noted that the success of the new operation serves as a warning to terror financiers that the country had the capacity to fish out culprits who hide behind blockchain-based transactions.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
Israel has seized crypto wallets containing millions of dollars intended to fund terror, the country’s National Bureau for Counter Terrorist Financing announced June 28. Israeli Defense Minister Yoav Gallant credited collaboration among the Israeli defense and justice ministries, Israeli intelligence and new technology for the operation, according to local media. Speaking at a conference on June [...]
The post Israeli authorities seize crypto from terror organizations, credit new technology appeared first on Crypto Breaking News.
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