Coinbase Joins Efforts to Prevent Terror Financing to Hamas And Others
In its blog post on Tuesday, October 17, crypto exchange Coinbase stated that it’s spearheading efforts to prevent the movement of crypto to terrorist organizations like Hamas and others. The development comes as Israel has been cracking down on crypto links to Hamas amid the ongoing war.
Coinbase Cracks on Terro Crypto Links
Coinbase emphasizes the importance of preventing any form of currency, including cryptocurrencies, from being used to support terrorist organizations like Hamas. To address this concern, Coinbase maintains a strong compliance program that includes Know Your Customer (KYC) checks, sanctions screening, suspicious activity reporting, and collaborative efforts with law enforcement agencies.
Additionally, Coinbase utilizes blockchain analytics technology to trace, report, and prevent terrorist financing. This commitment aims to further ensure that cryptocurrency does not become a tool for illicit purposes and that the United States continues to lead the fight against financial crime and terrorism.
Coinbase also boasts a dedicated team of 400 professionals specialized in compliance, legal, and investigative matters across our organization. Their experts collaborate closely with national security and law enforcement agencies in the United States, noted Coinbase.
Israeli Authorities Seize Millions of Crypto Linked to Hamas
Ever since the outbreak of the war last week, Israeli authorities have been seizing all digital assets linked to Hamas. Coinbase’s crypto lobbying efforts in the United States might face challenges due to the recent use of cryptocurrency by Hamas militants to fund attacks on Israel.
A report by Berenberg Capital Markets suggests that regulatory actions and political headwinds related to the Israel-Hamas conflict are contributing to a cautious stance on Coinbase.
Berenberg lead analyst Mark Palmer wrote: “While Hamas announced last April that it would no longer use crypto for fundraising due to the ability of authorities to track its movement on blockchain ledgers, we believe the recent headlines are likely to make clarity around the question of crypto’s legal status even more elusive”.
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