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Israel confiscates Binance accounts used by terrorist groups

According to a Reuters report, Israeli authorities have seized accounts on Binance that were used by Hamas and ISIS. Binance responded by saying that it is working hard to ensure compliance.

Reports have emerged that Hamas and ISIS have used accounts on the cryptocurrency exchange Binance to fund their activities. Reuters reported on May 5 that the Israeli authorities seized the accounts in question in an effort to tackle terrorism.

Israel has seized nearly 190 accounts since 2021, with the National Bureau for Combating Terrorist Financing (NBCTF) seizing the accounts most recently on January 12.

Binance responds

There is no information on how much cryptocurrency was seized and whether other exchanges were also monitored. There is little information besides the fact that the authorities have in fact focused on seizing accounts on cryptocurrency exchanges.

Binance replied to Reuters report Soon after in a message titled “Our response to Reuters.” The exchange stated that the outlet “deliberately left out important facts to fit their narrative.”

Binance has confirmed that it has done more than most to keep bad actors off the inter-exchange platform. exchange advertiserAnd

“The real measures of compliance for a cryptocurrency exchange are the steps it takes to identify and respond to suspicious deposits, and it is in these areas that Binance is an industry leader. When we become aware of misconduct, we step in and take appropriate action, including freezing funds and working with law enforcement to support investigations.” “.

Global authorities are fighting terrorist financing through cryptocurrencies

Governments around the world have begun working to prevent the crypto-asset class from being used to finance terrorism. In October 2022, the United Nations indicated that cryptocurrency is increasingly being used to finance terrorism.

Both Australia and India have spoken of this trend and are taking corresponding measures. The Chainalysis report stated that the amount of funding for illegal activities has quadrupled over the past five years $20 billion.

Cryptocurrency financing of illegal activities over the past 5 years: decomposition

Many of these funds have been diverted to groups that have been sanctioned internationally. A significant part of it went to the Russian cryptocurrency exchange grantex.

Israel is working on an important regulation of cryptocurrency

While it was working to combat terrorist financing, Israel was also working to regulate cryptography. The state budget for 2023-2024 includes cryptocurrency-related changes that make tax reporting easier.

The Israel Securities Authority is also working on new definitions of digital assets that would put them under government oversight. This will help create investor protection, which is a key agenda in every government’s crypto regulation plans.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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