Business News Report
October 10, 2023

Israel Police and Binance Join Forces to Freeze Hamas-Associated Crypto Accounts

Israel Police Collaborate with Binance to Halt Hamas-linked Crypto Accounts

In a decisive move against the financing of terrorism, Israeli police, in coordination with Binance, have successfully frozen cryptocurrency accounts associated with the Palestinian militant group, Hamas.

This development came to light through an official announcement cited by the local news agency, Calcalist.

Tensions have escalated recently, with Hamas launching a multi-faceted assault on Israel, pushing the situation to the brink of war. This has led to Israel’s defense minister implementing a full blockade of the Palestinian region of Gaza.

The operation to freeze these accounts was a coordinated effort involving several parties. Israel Police’s cyber-focused Lahav 433 unit spearheaded the operation, collaborating closely with the defense ministry, intelligence agencies, and notably, the crypto exchange giant Binance.

According to sources, the frozen assets will not go to waste but will instead find their way to the Israeli national treasury.

The ties between Binance and these controversial transactions have previously come under scrutiny. A lawsuit in March, initiated by the U.S. Commodities Futures and Trading Commission (CFTC) against Binance’s CEO, Changpeng “CZ” Zhao, suggested that the company’s leadership was aware of transactions related to “HAMAS” taking place on their platform.

This isn’t the first time Israeli officials have taken action either; since 2021, they have seized approximately 190 Binance accounts believed to be connected to terrorist organizations.

This event underscores the importance of international collaboration and the role of private entities, such as Binance, in combating global threats. With digital currencies increasingly playing a pivotal role in global finance, it’s imperative that such platforms remain vigilant against misuse.

Disclaimer

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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