In light of the use of modern technology to finance terrorist activities, Israeli authorities, in cooperation with the global cryptocurrency exchange Binance, decide to freeze accounts associated with Hamas. How can global cooperation and modern technology help counter threats on the international stage? At the heart of this conflict, where finance, technology, and national security intersect, a new dimension in the fight against terrorism emerges.
In the era of technological advancement, cryptocurrencies have become one of the main topics of discussion, both for their potential benefits and threats. Recent actions in Israel show how virtual currencies can be used in the context of international conflicts.
On Tuesday, the Cybernetic unit of the Israeli police announced that in cooperation with the global cryptocurrency exchange Binance, they had frozen several accounts linked to Hamas. This move, made in collaboration with the Ministry of Defense and other national intelligence agencies, is part of the response to deadly Hamas attacks on Israel.
In light of these events, a Binance spokesperson emphasized the platform’s commitment to actively cooperate with global law enforcement agencies in the fight against terrorism financing. The exchange played a key role in identifying and deactivating linked accounts.
Police information indicates that these accounts had been active in fundraising through various social media platforms since Saturday. The Cybernetic unit of the Israeli police also collaborated with British police to freeze an account in Barclays Bank in the UK, to which Hamas directly referred donors.
The use of cryptocurrencies by groups such as Hamas is not new. Hamas’s first calls for support in the form of cryptocurrencies appeared in February 2019, aiming to avoid international sanctions. Research conducted by Reuters indicates that in 2021, Israeli authorities blocked nearly 190 cryptocurrency accounts on Binance, many of which belonged to Palestinian companies linked to Hamas.
Analytical firm Chainalysis also indicates that over the years, Hamas has acquired tens of thousands of dollars through cryptocurrencies. Nonetheless, the military wing of Hamas, the Al-Qassam Brigades, announced in April of this year the end of its program to collect cryptocurrency donations.
Against the backdrop of ongoing attacks on Israel, leaders of the local cryptocurrency community launched the “Crypto Aid Israel” initiative, aiming to raise funds for residents displaced due to the conflict.
How cryptocurrency technologies impact global conflicts remains a subject of debate. However, as recent actions in Israel indicate, cryptocurrencies have not only become tools of innovation but also tools in the pursuit of global security.
Photo by Cole Keister on Unsplash
