Binance, a leading cryptocurrency exchange, has frozen accounts linked to Hamas militants based on requests from Israeli law enforcement. The freeze specifically targets Hamas and not the people of Palestine, according to a WeChat post by Yi He, the co-founder of Binance. He explained that Hamas is a designated terrorist organization by the United Nations, and therefore, all organizations, including banks and trading platforms, must cooperate with freeze requests. Binance cannot make this decision independently.
Yi He clarified that trading platforms cannot refuse such requests, emphasizing that the freeze is aimed at Hamas and not Palestine as a whole. She stated, “Palestine has an organized government. Hamas is a local militant group. They kill civilians; that’s the problem. Hamas is not Palestine; the freeze is targeted towards Hamas, not Palestine.”
Israeli officials have reportedly frozen the crypto accounts of Hamas militants with the assistance of Binance. Law enforcement authorities claim that the accounts were used by terrorists to collect funding for war-related activities through social media. The freeze serves to disrupt these illicit financial activities and mitigate the threat posed by Hamas.
In a separate development, the local Web3 community in Israel recently initiated a charity campaign called “Crypto Aid Israel” to support Israeli civilians affected by the ongoing conflict. The campaign accepts donations in Bitcoin (BTC), Ethereum (ETH), and other ERC-20 tokens such as Tether (USDT). Since its launch, the initiative has received nearly $50,000 in cryptocurrency donations. This demonstrates the increasing role of blockchain technology and cryptocurrencies in humanitarian efforts, allowing individuals to contribute to causes remotely and securely.
Yi He assured that the ban would not affect ordinary users, including Palestinian civilians. She referenced previous incidents, such as the conflicts between Russia and Ukraine, where Binance did not freeze the accounts of ordinary Russians. This implies that the freeze is specifically targeted at individuals associated with Hamas and their illicit activities.
Binance’s cooperation with Israeli law enforcement in freezing accounts linked to Hamas militants highlights the exchange’s commitment to preventing the misuse of cryptocurrencies for terrorist financing. By actively facilitating law enforcement requests, Binance contributes to global efforts in combating terrorism and ensuring the integrity of the cryptocurrency ecosystem.
It is important to note that cryptocurrencies, like any other financial system, can be misused for illegal purposes. Therefore, exchanges and other platforms must remain vigilant and cooperate with law enforcement agencies to prevent illicit activities. The case of freezing Hamas-linked accounts serves as a reminder of the constant need for monitoring and regulation to maintain the legitimate use of cryptocurrencies.