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Reuters on Thursday reported that Israeli authorities have seized about 190 Binance crypto accounts linked to terrorist groups such as Hamas and Daesh since 2021. It cited a document by Israel’s National Bureau for Counter Terror Financing (NBCTF) showing two accounts linked to Daesh seized to “thwart the activity” of terrorist groups.
It also questions Binance’s compliance policies for preventing and tackling cryptocurrency-based financing of terrorism. Last year, Binance disputed reports by Reuters on weak anti-money laundering controls by the exchange. Binance called the illicit-fund calculations inaccurate and the descriptions of its compliance controls “outdated.”
Binance Response To Israel Seized 190 Accounts Linked To Terrorist Groups
Crypto exchange Binance said Reuters missed critical facts in its report questioning the compliance policies of the exchange. Binance’s policies and processes comply with AMLD5/6 anti-money laundering and counter-terrorism financing requirements, saying “This is a topic we take very seriously.”
The exchange has counter-terrorism specialists, tools to detect and address suspicious activity, and a robust compliance program. It has partnered with law enforcement agencies and authorities to identify and prevent terrorism financing.
“It’s not possible for a crypto exchange (or anyone) to block or reverse a digital asset deposit once a transaction has been verified on the blockchain. When we learn of bad behavior, we intervene and take appropriate action, including freezing funds and working with law enforcement to support investigations.”
In response to the citations in the Reuters’ report, Binance asserts the investigations are ongoing and exchange is working with international counter-terrorism authorities on these seizures. Binance collaborates with law enforcement agencies to identify bad actors operating accounts for illicit organizations such as terrorist groups.
Blockchain data allows law enforcement agencies to uncover and trace money laundering more easily than cash transactions. Binance has 750 compliance-supporting employees from law enforcement and regulatory agency backgrounds.
“Our team and systems have improved significantly over the past several years and we remain committed to leading the industry in efforts to keep bad actors entirely out of crypto.”
Leading the Industry
Binance has become one of the leading entities complying with AML and counter-terrorism financing rules. It has dominated the crypto market in trading volume, as most users trust Binance for their security and compliance.
After the FTX crisis, Binance has been subjected to several attacks by regulators but the exchange remains compliant with government rules and heightened scrutiny.
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