Israel seizes 189 crypto accounts linked to terror groups since 2021 – report

[ad_1]

Israel has seized 189 cryptocurrency accounts on exchange site Binance linked to Palestinian and Islamist terror groups since 2021, according to a report Thursday.

Most of the crypto wallets confiscated by the Defense Ministry’s National Counter Terrorist Financing Bureau (NBCTF) belonged to just three Palestinian exchange companies – Al Mutahadun For Exchange, Dubai Company for Exchange and Al Wefaq Co. For Exchange , according to Reuters, citing government documents.

All three companies are designated as terrorist entities for their alleged transfer of funds to Hamas.

Separately, the NBCTF said it confiscated two other accounts on Binance, the world’s largest bitcoin exchange, to “thwart” the activities of the Islamic State terrorist group, according to a January document, signed by the Minister of Security. Defense Yoav Gallant, who had previously gone unreported.

The file did not mention the amount of funds seized or how the accounts were linked to the terrorist organization.

Receive the daily edition of The Times of Israel by email and never miss our best articles

By registering, you agree to the terms

Cryptocurrencies ostensibly offer a high level of anonymity, which makes them particularly attractive for financing criminal activities or terrorism. Bitcoin has also come under criticism for using the currency on underground websites where people buy drugs and guns.

Illustrative: The Binance website is seen on a computer on November 9, 2022 in Atlanta, Georgia. (Michael M. Santiago/Getty Images North America/Getty Images via AFP)

In April, more than NIS 500,000 ($140,000) worth of crypto was withdrawn by the NBCTF from more than 80 Binance accounts belonging to the three companies.

The office said the funds belonged to terrorist groups or were to be used for “serious terrorist crimes”. The seizure was reported at the time in Hebrew media.

A person with direct knowledge of Al Mutahadun denied to Reuters that the company collaborated with Hamas.

Al Wefaq and Dubai Co. declined to comment on the report.

Neither Binance nor the Department of Defense responded to Reuters’ request for comment.

Hamas claimed it was not linked to the financial exchanges and that the accusations were an attempt by Israel to “justify its economic war against Gaza and its people”.

Last week, Hamas’ military wing announced it would stop fundraising using the Bitcoin cryptocurrency, citing increased hostile activity against donors.

A visual representation of Bitcoin, at the ‘Bitcoin Change’ store in Tel Aviv, on February 6, 2018. (Jack Guez/AFP)

The Izz ad-Din al-Qassam Brigades has been appealing for donations from supporters via Bitcoin for several years to help with its financial difficulties.

Israel and the United States have cracked down on Hamass’ cryptocurrency funding efforts, seizing dozens of digital wallets used by the group that has ruled the Gaza Strip since the initiative launched in 2019.

Hamas, which seeks to destroy Israel, is considered a terrorist organization by Israel, the United States, the European Union and others.

Hamas officials say its military wing receives significant support from Iran, though the channels through which those funds are transferred are opaque. Last month, Gallant said Iran provided Hamas with some $100 million a year.

Emanuel Fabian and Agencies contributed to this report.

You are a dedicated reader

We’re really glad you’ve read the X Times of Israel articles over the past month.

That’s why we started The Times of Israel eleven years ago – to provide discerning readers like you with must-read coverage of Israel and the Jewish world.

So now we have a request. Unlike other media, we don’t have a paywall in place. But because the journalism we do is expensive, we invite readers to whom The Times of Israel has become important to help support our work by joining The Times of Israel community.

For just $6 a month, you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to members of the Times of Israel community.

Thank you, David Horovitz, founding editor of The Times of Israel

Join our community Join our community Already a member? Log in to stop seeing this

[ad_2]