Cryptocurrency

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The two strongest companies in the cryptocurrency ecosystem, we can even call them the backbone, one being the largest stablecoin in terms of market value and the other being the largest cryptocurrency exchange in terms of volume. However, a recent development threatens these two giants.
<h2 style="text-align: justify" id="hamas-financing-with-cryptocurrency">Hamas’ Financing with Cryptocurrency</h2>
Republican lawmakers have invited the US Department of Justice to investigate what <a href="https://en.coin-turk.com/binance-announces-new-euro-collaborations/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> and Tether are doing regarding the financing of attacks against Israel. This actually shows us that US politicians can easily lie to feed their own propaganda. Many on-chain analysis companies have rejected claims that Hamas has received massive amounts of cryptocurrency donations. We mentioned earlier that Elliptic published an article yesterday and contacted WSJ about the analysis company.
Senator Cynthia Lummis and Representative French Hill wrote a letter today requesting the Department of Justice to carefully evaluate “the extent to which Binance and Tether have violated existing sanction laws and the Bank Secrecy Act by providing <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> support and resources to support terrorism.”
According to lawmakers, the biggest source of Hamas’ financial support is cryptocurrencies. But what is the source? WSJ mentioned millions of dollars, but cryptocurrencies have the advantage of on-chain traceability. If you claim something, you must provide supporting data.
<h2 style="text-align: justify" id="tether-and-binance-lawsuit">Tether and Binance Lawsuit</h2>
Tether has been collaborating closely with law enforcement agencies, and Binance has been doing the same for a long time. In fact, Tether even seizes funds from crypto campaigns initiated by the public. In this case, it is quite interesting for US Republicans to accuse the two crypto giants of financing rockets fired at Israel.
This incident is confusing and allows politicians to use baseless suspicions as strong accusations. Despite the identification of an account associated with Hamas in the CFTC lawsuit, the fact that it was not closed and the team’s indifference due to the low amount is included as an accusation in the file.
Lawmakers specifically asked Attorney General Merrick Garland to reach a prosecutorial decision that reflects the level of responsibility of Binance and to expedite investigations into ongoing illegal activities related to Tether.
The second confusing detail is that the recent statements made by Lummis and Hill were pro-crypto. However, their political motives probably converge in supporting Israel and tarnishing Tether/Binance. At least, the statement at the end of the letter says that the entire crypto industry should not be held responsible for these accusations and that companies working on compliance, such as Tether and Binance, should be supported.
Neither of the two institutions have faced any lawsuits for financing Hamas or other organizations, nor have they faced any charges other than the CFTC accusation, which could be considered a personnel violation.
So, what kind of future awaits us? Are we heading towards a future where countries sanctioned by the US are also blacklisted in crypto (which is commonly done)? For example, if the interests of Country X clash with those of the US, will the US be able to severely restrict the use of cryptocurrencies by using its power over the ecosystem through sanctions?
<img decoding="async" class="size-full wp-image-270657 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/BTC-Neden-Dustu.png" alt="" width="1106" height="585">
In the long term, this situation, which violates Nakamoto’s ideals, has led to a daily low for the price of <a href="https://en.coin-turk.com/crypto-market-stumbles-as-bitcoin-leads-the-downward-shift/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> in the short term… Continue Reading: <a href="https://en.coin-turk.com/hamas-financing-with-cryptocurrency-and-the-accusations-against-binance-and-tether/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/hamas-financing-with-cryptocurrency-and-the-accusations-against-binance-and-tether/</a>

Hamas’ Financing with Cryptocurrency and the Accusations Against Binance and Tether

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