The Freezing of Hamas-linked Accounts by Binance After Israeli Request

The renowned crypto exchange, Binance, has complied with requests made by Israeli law enforcement to freeze accounts associated with Hamas militants.

In an informative WeChat post on October 10, co-founder Yi He explained that the freeze specifically targets Hamas and not the people of Palestine. He emphasized that as a designated terrorist organization by the United Nations, any request for a freeze must be supported by organizations, including trading platforms like Binance. He stated, “This is not something Binance can decide on its own.”

Yi He further clarified that the freeze is directed towards Hamas and not Palestine as a whole, saying, “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.”

According to local news outlet Calcalist, Israeli officials enlisted the help of Binance to freeze the crypto accounts of Hamas militants. Law enforcement alleges that these accounts were being used to collect funds for war-related activities through social media channels.

Adding to the developments, the Web3 community in Israel launched a charitable initiative called “Crypto Aid Israel” on October 9. This campaign aims to provide support to Israeli civilians affected by the ongoing conflict, accepting donations in Bitcoin (BTC), Ether (ETH), and other ERC-20 tokens such as Tether (USDT). Since its launch, the initiative has received almost $50,000 in crypto donations.

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Yi He’s explanation on WeChat. Source: WeChat

Yi He reassured ordinary users that they would not be affected by the account freeze, including Palestinian civilians. She pointed out that in previous instances, such as during conflicts between Russia and Ukraine, Binance did not freeze the accounts of ordinary Russians.

In conclusion, Binance has taken action in response to the freeze requests made by Israeli law enforcement. The freeze is specifically aimed at Hamas and its affiliated accounts and does not impact the broader population of Palestine.

The Impact of Freezing Hamas-linked Accounts

The freezing of Hamas-linked accounts by Binance has significant implications for the ongoing conflict in the region. By cooperating with Israeli law enforcement, Binance is aiding efforts to disrupt the financial networks supporting militant activities.

One of the main objectives of freezing these accounts is to prevent Hamas from accessing funds used to carry out attacks against civilians. By cutting off their financial resources, it becomes more difficult for the organization to carry out its harmful acts.

This action also sends a strong message to other trading platforms and financial institutions. It demonstrates the need for collaboration in combating terrorism and ensuring the integrity of the financial system.

Continued Support for Israeli Civilians

While freezing Hamas-linked accounts is a significant step in combating terrorism, it is equally important to support innocent civilians affected by the conflict. The “Crypto Aid Israel” initiative launched by the Web3 community in Israel is an excellent example of using cryptocurrency for positive change.

By accepting donations in various cryptocurrencies, Crypto Aid Israel provides a convenient and secure way for individuals to contribute to the relief efforts. The use of blockchain technology ensures transparency and accountability, giving donors confidence in the impact of their contributions.

The success of this initiative, as seen in the nearly $50,000 in donations received, demonstrates the power of the cryptocurrency community to come together and make a difference in times of crisis.

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