The post Israeli Authorities Freeze Hamas Cryptocurrency Accounts in Collaboration with Binance appeared first on Coinpedia Fintech News

A war in modern times does not only include physical assault and attack but also cyber attack. As Palestinians continued their attack on Israel, the Palestinian militant group – Hamas was found to hold cryptocurrency accounts in Israel.

Hamas Crypto Accounts Frozen

According to a press release from the Israeli police, cryptocurrency accounts related to the Palestinian militant organization Hamas have been frozen, local media source Calcalist said on Tuesday.

Hamas’s weekend multifaceted assault on Israel has devolved into all-out war, and Israel’s defense minister has ordered a total lockdown of the Palestinian territory of Gaza.

The article claims that the Lahav 433 unit of the Israel Police’s cyber unit collaborated with the defense ministry, the nation’s intelligence services, and the cryptocurrency exchange Binance to target the aforementioned accounts. It also stated that any seized money would go to the Israeli national treasury.

Efforts From Binance 

The cooperation between the defense ministry, intelligence agencies, the Lahav 433 cyber section of the Israel Police, and the cryptocurrency exchange Binance exemplifies a thorough strategy for combating cybercrime. By focusing on these accounts, they hope to stop illegal activity while ensuring that any money they collect goes into the Israeli national treasury, enhancing the nation’s financial security.

The U.S. Commodities Futures and Trading Commission (CFTC) sued Binance CEO Changpeng “CZ” Zhao in March, alleging that company officers were aware of “HAMAS transactions” on the platform.

Since 2021, over 190 Binance accounts with claimed ties to terrorist organizations have been seized by Israeli police. Binance previously collaborated with Israeli authorities to shut down “a terrorism financing operation linked to Iran’s Quds Force and Hezbollah,” according to the company’s June statement.

A special team from Binance has been working nonstop and in real-time over the past few days to help continue efforts to stop the financing of terrorism. The spokesman for Binance assured the public through a recent email sent to Coindesk that the company is dedicated to protecting the safety and security of the blockchain ecosystem and the larger global community through its proactive work.

Binance Proving Itself 

These 190 Binance accounts were seized as part of a bigger initiative by Israeli authorities to stop the financing of terrorism. The cooperation between Binance and the Israeli government illustrates their dedication to stopping illegal activity and upholding the integrity of their platform.

Amidst its ongoing tussle with the U.S. regulatory body, it is quite evident that Binance is actively collaborating with law enforcement agencies and regulatory bodies to identify and prevent any illicit activities on its platform. They emphasized the importance of maintaining a robust and trustworthy cryptocurrency market for all users worldwide.