Israel bans 190 Binance accounts over last 2 years: Report
Reportedly Israel’s government bodies banned nearly 200 Binance accounts over alleged links with Hamas and Daesh.
Under the jurisdiction of Israel, crypto trading is legal. Recently Israel Securities Authority (ISA) proposed a concept to treat all the crypto assets as security and this is probably going to bring a very difficult situation for the crypto companies to comply with the Israeli’s rules & regulations. The country’s law against crypto laundering & illegal crypto use is very strict to prohibit the misuse of crypto assets.
On 4 May 2023, Reuters published a report on behalf of documents from Israel’s National Bureau for Counter-Terror Financing (NBCTF), a counter-terrorism division of the Israeli Defense Ministry.
The report confirmed that Israel’s NBCTF agency seized more than 190 accounts between 2021 and 2023, for involvement in illegal activities. And this figure was already 100 in 2021, so here we can conclude that Israel’s Counter Finance Agency succeeded in slowing down the use of cryptocurrencies in illegal activities.
According to the NBCTF’s documents, these Binance account holders have been linked with terrorist groups such as Hamas and Daesh since 2021.
In 2022, Binance Exchange faced huge allegations of violation of US sanctions. Reuters report claimed that the Binance platform was used to launder around $10 billion worth of crypto assets.
Few crypto supporters noted that Israel succeeded in freezing bad actors’ accounts on Binance because of the better cooperation of Binance with the country’s regulatory bodies.
No doubt that Binance faced huge legal heat over its failure to prohibit the illegal crypto transaction over a couple of years but it is also a truth that Binance is top in the crypto industry which is helping & giving training to countries’ security agencies to fight & catch the bad actors linked with cryptocurrency transactions.
Read also: The crypto market is now green, following the Fed rate hike
