- Israeli police have frozen cryptocurrency accounts on Binance connected to the Hamas group.
- The terrorist group used the accounts to accept donations in a fund-raising campaign.
- The CFTC alleged in its March lawsuit that Binance knowingly processed transactions for the terrorist organization.
As war breaks out between Israel and Palestine, Israeli police cyber unit Lahav 433 has taken action to freeze several cryptocurrency accounts associated with Palestinian militant group Hamas.
Terrorist Accounts Suspension
According to a local report, Israeli authorities collaborated with the National Headquarters for Economic Combating Terrorism (MTL), Shin Bet, and various intelligence agencies to identify the financial infrastructures allegedly used by the Hamas terrorist organization for fundraising.
Authorities suspended Binance accounts suspected of being used to accept donations as part of a fundraising campaign launched on social media networks.
The report revealed that the frozen assets would be transferred to the Israeli state treasury, and the county’s defense forces would continue to partner in “fighting the financing of terrorism and damage to the strategic financial assets of the terrorist organizations.”
Israeli authorities previously seized 190 Hamas-linked accounts on Binance in 2021, placing the exchange under scrutiny for alleged involvement in money laundering.
Concerns over Binance’s Role In Terrorist Transactions
A lawsuit filed against Binance by the U.S Commodity Futures Trading Commission (CFTC) in April revealed that the exchange received information on transactions by terrorist organizations on its platform, including Hamas.
The CTFC stated that, “Binance compliance officer Samuel Lim explained to a colleague, “after receiving information regarding HAMAS transactions’ that “terrorists usually send ‘small sums’ as ‘large sums constitute money laundering.’ Lim’s colleague replied: ‘can barely buy an AK47 with 600 bucks.”
The exchange vehemently denied the commissions’ allegations and filed a countermotion to dismiss the lawsuit.
Read more on the CTFC’s lawsuit against Binnace and CEO CZ:
Binance Lawsuit: CFTC Chief Doubles Down on Accusations Against Exchange
Crypto trading company 3commas has come under scrutiny following a recent hack. Find out more:
3Commas Under Fire as Repeated Hacks Affect User’s Accounts