October 18, 2023
By Anjali Kochhar
HAMAS is a Sunni Islamist political and militant organization that governs the Gaza Strip of Palestine territory and has been actively involved in terrorist activities in Israel since 1987. It is a fact that HAMAS has been receiving funding for terrorist activities through various crypto exchanges.
According to AMBCrypto an independent news agency “Hamas has raised tens of thousands of dollars in funding through cryptocurrency methods”. As per the article published in Deccan Herald, cryptocurrency worth Rs 4 crore stolen in 2021 from the wallet of a West Delhi businessman ended up in the wallet of the cyber terrorism wing of HAMAS.
Rajagopal Menon, vice president of Indian crypto exchange WazirX said: “In a recent development, the Israeli Police’s cyber division has taken action to freeze crypto accounts associated with Hamas on the Binance platform due to their alleged links with the organisation. It’s important to note that fiat currencies, particularly the US dollar, are widely preferred for illicit activities. The United Nations estimates that approximately 2% to 5% of traditional cash, translating to roughly $800 billion to $2 trillion in current US dollars, is linked to various forms of illegal transactions. The Hawala system still thrives the world over.”
The U.S. Commodities Futures and Trading Commission has sued Changpeng Zhao, the CEO of Binance, alleging that Binance officials were aware of transactions linked to Hamas on the platform and did nothing.
Nevertheless, Binance one of the biggest crypto exchanges, in collaboration with Israel’s cyber unit, has frozen all accounts linked to Hamas after the recent terrorist attack on Israel which has resulted in a full-fledged war between Israel and Hamas.
According to Edul Patel, CEO of Indian crypto exchange Mudrex, “The ongoing geopolitical crisis in the Middle East has impacted both the traditional and crypto markets. Binance’s willingness to step in and freeze the accounts of Hamas in collaboration with the Israeli government proves how crypto organizations are open to working with governments and regulators to protect the global community. It signifies the arrival of an intriguing phase of the industry’s growth, which emphasizes the need for a balanced approach that adheres to the principles of blockchain technology and safeguards global security. As we navigate this evolving landscape, the cryptocurrency industry is poised to play an increasingly integral role in the global financial ecosystem, shaped by collaboration and responsible stewardship.”
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
