Actions against the use of crypto-terrorism are heating up: the National Headquarters for Economic Combating Terrorism seized 2 ISIS crypto accounts on the Binance exchange this year – and a total of 189 accounts have been seized on the exchange since December 2021, according to a Reuters report
The State of Israel has seized 189 digital currency accounts on the Binance cryptocurrency exchange since December 2021, including two accounts it claims are linked to the terrorist organization ISIS (“Islamic State”) and dozens of other accounts it says were owned by Palestinian companies linked to the Hamas organization – according to documents from the National Headquarters for Economic Warfare in Terror (MTL) that came to Reuters.
According to one of the documents on the MTL website, on January 12 of this year, two crypto accounts on the Binance exchange were seized as well as the coins held in them. The document states that the seizure of the crypto accounts was intended to “thwart the activities” of the ISIS organization and “harm its ability to advance its goals.” The owner of The two accounts linked to the ISIS organization seized by Israel were a 28-year-old Palestinian named Osama Abu Bayda, according to the published document.
The document states that the seizure of the crypto accounts is intended to “thwart the activity” of the ISIS organization and “harm its ability to advance its goals.” The owner of the two ISIS-related accounts seized by Israel was a 28-year-old Palestinian
The previously undisclosed MTL document, according to the Reuters report, did not provide details about the value of the cryptocurrencies seized in the Binance accounts, nor how the accounts were linked to the ISIS organization. Binance, the world’s largest crypto exchange, did not respond to the exclusive Reuters report. From the Ministry of Defense The Israeli, responsible for MTL, has not yet given a response.
In recent years, regulators around the world have called for increased oversight of crypto exchanges to prevent illegal activities such as money laundering and terrorist financing. The seizures made by Israel’s National Headquarters for Economic Warfare against Terrorism illustrate how governments operate in this area. Recently, Hamas also decided to stop accepting crypto donations in light of Israeli activity to seize crypto accounts of donors to the organization.
Binance, founded in 2017 by CEO Changfeng Zhao, states on its website that in all information requests it receives from governments and law enforcement authorities, each case is examined on its merits and accordingly information is disclosed as required by law. Last March Binance responded To requests from senators from the USA that it takes measures to prevent terrorist financing and invests many resources to improve its compliance program.
Almost all of the 189 Binance accounts seized by Israel since December 2021 were owned by three Palestinian currency exchange companies from Gaza, according to the MetL documents. The three companies were defined by the state as “terrorist organizations” due to their involvement in the transfer of funds by Hamas. Last month, the Met reported “L because he seized crypto-currencies worth more than half a million shekels from more than 80 Binance accounts belonging to the three companies in Gaza, Al Mutahadon For Exchange, Dubai Company for Exchange and Al Wefaq Co. According to the MTL, the accounts were the property of “terrorist organizations ” or were used for a “serious terrorist crime”.
May 5, 2023 Published by The Tech12 News Israel.