According to documents made public by Israel’s counter-terrorism authorities, approximately 190 cryptocurrency accounts have been confiscated by the country from the crypto exchange Binance since 2021. Among the accounts, two were believed to be connected to the Islamic State, while dozens of others were owned by Palestinian firms with links to the Islamist group Hamas, reported Reuters.
As per a document found on the website of Israel’s National Bureau for Counter Terror Financing (NBCTF), on January 12th, the bureau seized two Binance accounts along with their contents. The NBCTF stated that the confiscation was carried out to disrupt the activities of the Islamic State and prevent them from achieving their objectives.
The NBCTF document, which has not been reported before, did not provide any information on the worth of the confiscated cryptocurrency or how the accounts were associated with the Islamic State.
Meanwhile, leading crypto exchange Binance released a blog post stating that Reuters had deliberately omitted some essential information.
Binance has claimed that it has been collaborating with international counter-terrorism authorities concerning the seizure of the accounts. Moreover, the publication highlighted,
With regard to the specific organizations mentioned in the article, it’s important to clarify that bad actors don’t register accounts under the names of their criminal enterprises.
Binance
The Israeli Defence Ministry, which oversees the NBCTF, did not provide any comment when approached by Reuters.
As per Israeli legislation, the country’s defence minister holds the authority to order the seizure and confiscation of assets that are perceived to have links to terrorism.
For many years, regulators worldwide have been urging for stricter regulations on crypto exchanges to combat illicit activities such as money laundering and terrorism financing. The seizure of the crypto accounts by Israel’s NBCTF emphasizes how governments are aiming to crackdown on cryptocurrency companies to prevent such illegal activities.
The article discusses how Israel’s National Bureau for Counter Terror Financing seized approximately 190 cryptocurrency accounts on the Binance exchange since 2021. Among these, two accounts were linked to the Islamic State, while many others were connected to Palestinian firms associated with the Hamas group.
Binance claims to be cooperating with international counter-terrorism authorities and checks users for connections to terrorism. Regulators worldwide have long been pushing for tighter controls on crypto exchanges to prevent illegal activities, such as money laundering and terrorism financing.
