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

The operation was carried out in collaboration with the crypto exchange Binance, highlighting an increasing global trend towards monitoring and regulating digital currencies to prevent their misuse for illicit activities.

Binance Assists Israeli Police in Halting Crypto Financing for Hamas

On Tuesday, a local media outlet, Calcalist, announced that the cryptocurrency accounts in question had been successfully frozen. The operation was conducted in close collaboration with the Israeli defense ministry, intelligence agencies, and Binance.

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

Hamas, classified as a terrorist organization by several countries, including the U.S. and the European Union, has been increasingly using cryptocurrencies to finance its activities. As traditional financial channels have tightened due to international sanctions and intense regulatory scrutiny, the group has turned to Bitcoin solicitation for donations.

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

Binance’s active collaboration with various governments and law enforcement agencies worldwide 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.

This move comes amidst heightened tensions between Israel and Hamas, which escalated into full-blown warfare following a multi-pronged attack on Israel by Hamas over the weekend. The Israeli defense minister has since ordered a comprehensive siege of the Gaza Strip, a Palestinian enclave.

CFTC Files Lawsuit Against Binance CEO

This is not an isolated incident. Earlier this year, the U.S. Commodities Futures and Trading Commission (CFTC) filed a lawsuit against Binance’s CEO, Changpeng “CZ” Zhao, alleging that the company’s officers were aware of transactions linked to Hamas on their platform.

Since 2021, approximately 190 Binance accounts suspected of being linked to terrorist groups have been seized by Israeli authorities. In June, Binance cooperated with Israeli authorities to dismantle a terrorism financing operation allegedly connected to Iran’s Quds Force and Hezbollah.

A spokesperson for Binance reiterated the company’s commitment to fighting terror financing. They stated, “Our team has been working in real-time, around the clock, over the past few days to support ongoing efforts to combat terror financing. We are committed to ensuring the safety and security of not just the blockchain ecosystem but also the global community through our proactive work.”

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