The Coinbase cryptocurrency exchange has backed a campaign to stop Hamas from engaging in illicit activity in the Bitcoin sector.
Along with other businesses, Coinbase is supporting the fight against terrorist groups. In its view, no asset, not even gold, fiat money, or cryptocurrency, may be used to fund Hamas and other terrorist organizations.
About 400 Coinbase workers, according to the statement, oversee compliance and participate in investigations. The exchange team will monitor and ban IP addresses linked to restricted jurisdictions where Hamas may receive funding, submit questionable transactions to regulators, and monitor those transactions.
“Blockchain analytics technology allows us to trace, report, and even prevent terrorist financing. This is why it’s critical to prevent crypto from thriving offshore and ensure that the US continues to be a world leader in the fight against financial crime and terrorism.”
Israeli authorities froze 190 addresses on the Binance cryptocurrency exchange in May 2023 because they might be used to fund terrorism. The nation’s government seized Hezbollah and Iranian fighters’ assets in June.
Tether subsequently developed a comparable project. More than 30 residences worth $835 million were frozen. A Chainalysis study estimates that the amount of money used illegally to purchase cryptocurrencies in 2022 will be $20.1 billion.
This amount set a new record. Additionally, the volume of transactions using sanctioned firms surged more than 100,000 times in 2022, making up 44% of all illegal activities.
