Israeli authorities freeze encrypted accounts linked to Hamas Cryptocurrency scrgruppen

Israeli authorities have frozen several cryptocurrency accounts allegedly linked to the Palestinian movement Hamas.

The operation was carried out in cooperation with cryptocurrency exchange Binance, highlighting the growing global trend towards monitoring and regulating digital currencies to prevent their misuse in illicit activities.

Binance Helps Israeli Police Stop Cryptocurrency Funding to Hamas

On Tuesday, local media outlet Calcalist reported, Announce The cryptocurrency accounts in question have been successfully frozen. The operation was carried out in close cooperation with the Israeli Ministry of Defense, intelligence agencies and Binance.

The freeze comes as part of increasing global efforts to monitor and regulate digital currencies to limit their misuse for illegal activities. Cryptocurrencies, due to their decentralized nature and potential for anonymity, have become a popular choice for terrorist organizations to raise funds.

Hamas, classified as a terrorist organization by several countries, including the United States and the European Union, is increasingly using cryptocurrencies to finance its activities. With traditional financial channels tightened by international sanctions and intense regulatory scrutiny, the group resorted to soliciting donations in Bitcoin.

In response to this emerging threat, Israeli law enforcement agencies have taken decisive steps. In addition to freezing the accounts, they redirected the seized funds to the state treasury. This approach represents a comprehensive strategy to disrupt financial networks that support terrorist activities.

Binance’s active cooperation with various governments and law enforcement agencies around the world is part of its commitment to maintaining the integrity of its platform and preventing its misuse for illegal activities. The company has robust compliance and anti-money laundering (AML) measures in place to ensure a safe and secure trading environment.

The move comes amid escalating tensions between Israel and Hamas, which have escalated into an all-out war following a multi-pronged attack on Israel by Hamas over the weekend. Since then, the Israeli Defense Minister has ordered a comprehensive blockade of the Gaza Strip, a Palestinian enclave.

CFTC files lawsuit against Binance CEO

This is not an isolated incident. Earlier this year, the US Commodity Futures and Trading Commission (CFTC) filed a lawsuit against Binance CEO Changpeng “CZ” Zhao, alleging that company officials were aware of Hamas-related transactions on their platform.

Since 2021, Israeli authorities have confiscated nearly 190 Binance accounts suspected of being linked to terrorist groups. In June, Binance cooperated with Israeli authorities to dismantle a terror financing operation allegedly linked to Iran’s Quds Force and Hezbollah.

A Binance spokesperson confirmed the company’s commitment to combating terrorist financing. They stated, “Our team has been working immediately, around the clock, during the past few days to support ongoing efforts to combat terrorist financing. We are committed to ensuring the safety and security of not only the blockchain ecosystem but also the global community through our proactive work.