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Israel Seizes Binance Accounts in Connection With Terrorism Financing

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ByMarcel Bich

Jul 17, 2023
Israel Seizes Binance Accounts Terrorism Financing
Marcel Bich
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On January 12, 2022, the Israel National Bureau for Combating Terrorist Financing (NBCTF) allegedly confiscated two Binance accounts in an effort to disrupt the activities of the Islamic State (IS) terrorist group. Nevertheless, the department’s first declaration did not specify how much cryptocurrency was confiscated or how the accounts were related to IS.

The holder of the two IS-linked Binance accounts, according to the NBCTF dossier, was a 28-year-old Palestinian named Osama Abuobayda. He did not, however, reply to demands for comment on the topic.

Separately, Israeli police have seized over 190 accounts linked to three Palestinian currency exchange businesses since December 2021, citing their participation in transmitting cash for Hamas, which controls the Gaza Strip. Furthermore, the NBCTF reported seizing over 500,000 shekels ($137,870) in cryptocurrency from more than 80 Binance accounts only this month. 

Binance`s Answer

Separately, Israeli police have seized over 190 accounts linked to three Palestinian currency exchange businesses since December 2021, citing their participation in transmitting cash for Hamas, which controls the Gaza Strip. Furthermore, the NBCTF reported seizing over 500,000 shekels ($137,870) in cryptocurrency from more than 80 Binance accounts only this month. 

Binance also stated that the open nature of blockchain technology makes cryptocurrencies an unsuitable choice for money laundering since it allows law enforcement to discover and trace such operations more readily than cash transactions. Furthermore, the corporation asserted that it had assisted law enforcement authorities in freezing or seizing more than $1 billion since the beginning of the year.

Chainalysis Research

Chainalysis is a renowned blockchain analysis organization specializing in bitcoin transaction tracking. According to their most recent data, the unlawful usage of cryptocurrency in 2022 hit a record high of $20.1 billion. This is a huge rise over the previous year’s total of $10.5 billion, and it demonstrates the rising usage of cryptocurrencies for illegal purposes.

The growth in the number of transactions linked with sanctioned groups is one of the most worrying patterns revealed by the research. According to Chainalysis, the number of such transactions surged by almost 100,000 times in 2022, accounting for 44% of all unlawful activity. 

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.