Hamas, Binance and Israel: The battle of cryptos in the Israeli-Palestinian conflict

For several days, violent fighting has opposed the Jewish state and Hamas. A new conflict which broke out following a surprise attack orchestrated by the Palestinian movement. Jerusalem immediately responded with a series of measures, including one relating to the crypto sector.

Israel freezes crypto assets identified as linked to Hamas

Israel has taken strict measures to freeze crypto accounts associated with Hamas, the Palestinian militant group that has recently intensified its activities against the Jewish state. A decision whose implementation came to fruition with the help of Binance.

According to the information which leaked this Tuesday, October 10, the Israeli authorities called on the crypto platform for this purpose. The latter identified and deactivated all accounts that it identified as being associated with Hamas. This includes not only accounts belonging directly to the organization, but also those that attempted to transfer cryptocurrencies in favor of Hamas.

For its part, the Hebrew State, through Lahav 433, a cyber unit of the Israeli police, blocked crypto accounts belonging to Hamas. The group had actively solicited crypto funds as part of the deadly attack launched on Saturday October 7 against Israel.

According to sources, Hamas used several social media platforms to solicit these funds to allow it to continue its offensive. A project that the Israeli crypto measure aims to neutralize, as explained by Yoav Gallant, the Minister of Defense.

Israel freezes crypto assets linked to Hamas

Measures which are not a first

It must be said that this is not the first time that Israel has taken decisive action against crypto assets associated with hostile entities. Hezbollah, a Lebanese armed group, which supports Hamas in its conflict with Israel, has also suffered similar measures.

Indeed, in June 2023, the Israeli government seized cryptocurrencies valued at several million dollars. Funds which, according to information, are in accounts linked to Iran and Hezbollah.

As the global economic landscape continues to evolve, the use of cryptos for illegal purposes remains a significant challenge. Israel’s actions serve as an example of proactive measures to protect its citizens and promote their security.

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