Binance, the world’s largest cryptocurrency exchange, has decided to form a partnership with the cyber division of Israel’s police force. This cooperative initiative has led to the freezing of numerous cryptocurrency accounts associated with Hamas by law enforcement. The situation in Israel has been deteriorating, characterized by an escalating surge of violence, conflict, and bloodshed between Israel and Hamas, resulting in a significant loss of lives.
As the death toll continues to climb, the government has been taking measures to sever all financial support to the Palestinian militant organization, Hamas. According to a recent press release, Lahav 433’s cyber division, working in conjunction with the National Headquarters for Economic Counter-Terrorism [MTL] under the Ministry of Defense, the Shin Bet, and various intelligence agencies, is actively engaged in ongoing efforts to pinpoint cryptocurrency networks utilized by terrorist groups for fundraising purposes. The press release also stated,
“With the outbreak of the war, Hamas launched a fund-raising campaign on social networks and asked the public to deposit the crypto-currencies into his account. The cyber unit and MTL acted immediately to locate the accounts and freeze them, with the assistance of the crypto exchange Binance, in order to transfer the funds to the state treasury.”
Binance’s Support for This Initiative: An Overview
A representative from Binance has reiterated their dedication to collaborating with international law enforcement agencies and regulatory bodies. Their primary goal is to combat terrorist financing and prioritize the safety of both the blockchain ecosystem and the global community. The targeted accounts, reportedly established by Hamas, have been actively engaged in fundraising activities through various social media platforms since the weekend.
Binance’s continuous, round-the-clock efforts have played a significant role in supporting ongoing initiatives to counteract terrorist financing. This partnership underscores the cryptocurrency industry’s commitment to upholding security and complying with established standards, actively participating in efforts to prevent illegal activities within the digital asset realm.
Furthermore, the Israeli Police Cyber Unit has joined forces with law enforcement authorities in the United Kingdom, specifically to block a Barclays Bank account in the UK that Hamas had explicitly mentioned for donations. Additionally, cryptocurrency has assumed a noteworthy role in the conflict. The Web3 community in Israel has initiated the “Crypto Aid Israel” cryptocurrency relief fund to gather financial resources for Israeli citizens in need of humanitarian assistance.