Binance Freezes Cryptocurrency Accounts Linked to Militant Group Hamas

Discover how a leading cryptocurrency exchange, Binance, is navigating ethical and legal complexities as it freezes accounts associated with Hamas.

Learn about the different layers of this move, from legal obligations to public reactions and the broader context of cryptocurrency's role in global conflicts.

Overview of Account Freeze Linked to Hamas

Cryptocurrency exchange Binance has revealed that it has frozen accounts related to the militant group Hamas, which effectively controls the Palestinian Gaza Strip and has launched attacks on Israel.

Yi He, co-founder of Binance, reported this action via the Chinese messaging app WeChat on October 10, 2023, clarifying that "this measure targets Hamas and not the people of Palestine."

This action was taken in response to a request from Israeli law enforcement agencies.

Yi He further explained that "Hamas is designated as a terrorist organization by the United Nations. Therefore, all businesses and organizations, including banks, must comply with the freezing request."

Many people have inquired if the account freeze is factual.

Hamas is designated as a terrorist organization by the United Nations, making it obligatory for all international organizations, including banks and trading platforms, to cooperate when receiving a freeze request.

This is not something that Binance can decide on its own. Hamas is a local armed force involved in killing civilians. This issue targets Hamas, not Palestine as a whole.

For reference, Russian accounts were not frozen during the Russia-Ukraine war. Why did you think your account would be frozen? Was there a problem?

Israel Police Confirm Cryptocurrency Account Freeze

The Israeli police also reported the "freezing of Hamas-related cryptocurrency accounts" in a post on October 10, 2023.

Cryptocurrency allows anyone to easily create a wallet and send money freely worldwide. However, proper action is demanded for its use in illegal activities and crimes.

In other news, a project called "Crypto Aid Israel" has recently begun to accept cryptocurrency donations to support refugees affected by the ongoing war.

It has also been reported that the funds seized by Israeli police will be sent to Israel's treasury.