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<p>In a move to disrupt the flow of funds to Hamas, Israeli authorities have ordered the closure of over 100 cryptocurrency accounts on Binance, the world’s largest crypto exchange.</p><h2 id="header-0">Heightened monitoring of crypto-related financing</h2><p>Israeli authorities were already monitoring crypto accounts suspected of terrorism financing before the recent attack by the Palestinian militant group Hamas. Since then, they have requested information about hundreds of accounts on Binance, suggesting that the scale of their actions has grown significantly since October 7.</p><p>A<a href="https://medium.com/&#64;coinness.gl/israel-freezes-crypto-accounts-linked-to-hamas-2e03cd291489" rel="noopener noreferrer nofollow"> statement</a> from Israeli police last week outlined that they had frozen crypto accounts related to financing of Hamas. According to a<a href="https://www.ft.com/content/e03a370b-777f-46c2-8576-d1cee731efe2" rel="noopener noreferrer nofollow"> report</a> on Tuesday by the Financial Times (FT), the Israeli authorities have taken matters further still, having closed more than one hundred accounts on Binance.</p><h2 id="header-1">Scrutinizing 200 additional accounts</h2><p>Sources cited by the FT as being close to the situation have revealed that these actions were initiated in response to Hamas’s assault on October 7. Authorities have also sought information on approximately 200 additional crypto accounts, with most of them being held on Binance. While Binance has acknowledged blocking a “small number” of accounts since the summer, it emphasized its adherence to internationally recognized sanctions rules and declined to provide further comment.</p><p>Governments and regulators have long expressed concerns that terrorist organizations might exploit lightly regulated crypto markets for financial transactions. However, the recent attacks on Israel and the subsequent crypto-based fundraising campaigns by Hamas have made these concerns more pressing.</p><p>Tom Alexandrovich, the Executive Director at the Israel National Cyber Directorate, stated that cryptocurrency has become a major tool for terror financing during these times of conflict. He noted that the amount of crypto funds involved has significantly increased since the start of the attack.</p><h2 id="header-2">Tether freezes accounts</h2><p>Tether, the issuer of leading US dollar stablecoin USDT,<a href="https://tether.to/en/tether-freezes-32-addresses-linked-to-terrorism-and-warfare-in-israel-and-ukraine/" rel="noopener noreferrer nofollow"> announced</a> on Monday that it had frozen 32 addresses containing more than $873,000 due to their alleged links to “terrorism and warfare” in Israel and Ukraine. The exact timing of when these accounts were blocked and the distribution of assets between Israel and Ukraine were not disclosed.</p><p>Notably, US financial regulators previously alleged that money held on Binance had ties to Hamas. A lawsuit by the Commodity Futures Trading Commission (CFTC) in the United States in March claimed that senior Binance executives had knowledge of “Hamas transactions” in 2019. Binance has refuted these allegations and expressed its intent to contest the lawsuit.</p><p>Commentators within the crypto space fear that opponents of the development of crypto, like US Senator Elizabeth Warren, will try to<a href="https://www.politico.com/news/2023/10/13/israel-hamas-war-crypto-elizabeth-warren-00121368" rel="noopener noreferrer nofollow"> capitalize</a> on this issue by using the opportunity to further draconian regulation.</p><p>Over the past two years, Israeli authorities have seized millions of shekels from crypto accounts with suspected ties to Hamas and other militant groups in the Middle East. A recent analysis by Elliptic found that crypto wallets associated with various suspicious Middle East groups have interacted and relied on the same crypto exchange services to convert crypto into sovereign currencies.</p>

Israel Doubles Down on Blocking Crypto Funding of Hamas

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