It’s a move that makes sense but it couldn’t have taken place if terrorists had been making transactions in cash… So much for the argument against cryptos that “they help at funding illegal – terrorist activities”!
In response to the attack by Hamas on the southern part of Israel in October 7, more than 100 cryptocurrency accounts on Binance, the world’s largest crypto exchange, were frozen las week. Additionally, information on around 200 other crypto accounts was requested by Israeli authorities. This collaboration aims to halt the flow of funds to Hamas, a designated terrorist group by the United States, the European Union, and multiple other countries. Stablecoin issuer Tether also froze 32 virtual cryptocurrency wallets associated with “terrorism and warfare” in Israel and Ukraine.
These actions were taken due to concerns about the use of cryptocurrencies to fund Hamas, as the organization faces international sanctions and restrictions on traditional banking systems. Despite the common misconception that cryptocurrency transactions are anonymous, they are in fact highly traceable and trackable, making it possible to identify those involved in illegal activities.
