Coinbase Takes Stand Against Hamas’ Cryptocurrency Activities

Coinbase, the prominent cryptocurrency exchange, has endorsed efforts to halt illicit actions linked to Hamas in the digital currency sector.

Joining other enterprises in the battle against terrorism, Coinbase emphasizes that assets such as gold, fiat currency, and cryptocurrencies should never be a means to fund Hamas or any terrorist entities.

The exchange highlighted the proactive measures it has implemented, with about 400 staff members actively overseeing compliance and leading investigations. Any suspicious activities detected will be reported to the necessary authorities. Additionally, Coinbase has implemented measures to monitor and block IP addresses originating from regions where prohibited transactions, potentially benefiting Hamas, might occur.

“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,” stated the Coinbase team.

In related events, in May 2023, Israeli officials took action against 190 addresses on the Binance crypto platform, suspecting links to terrorism funding. The subsequent month witnessed Israel’s government seizing assets tied to Iranian militants and Hezbollah. Tether, another crypto entity, followed suit, immobilizing over 30 addresses estimated at around $835 million.

Research conducted by Chainalysis unveiled that 2022 saw a record-breaking $20.1 billion in cryptocurrency usage for illicit purposes. Transactions linked to sanctioned parties surged, showing a more than 100,000-fold increase, representing 44% of all unauthorized activities in that year.