Israel's Terror Financing Prohibition Authority has stated it will prevent the use of cryptocurrencies in criminal activity

​Israeli authorities confiscated $840 000 in cryptocurrencies from Hamas-linked company

04.01.2022 - 13:10

389

1 min

What’s new? The Israeli authorities continue to work to crack down on individuals and companies allegedly linked to terrorist financing. Defense Minister Benny Gantz signed an order confiscating 2,6 million NIS (worth about $840 000) in crypto assets from the al-Mathaddon exchange. The law enforcers believe it has links with Hamas (the Palestinian Islamist movement, recognized as a terrorist organization).

Information on the Israel National News website

What does Gantz say? He said, based on unnamed sources, that the exchange has stepped up its activities following the murder of Hamed Ahmed Khudari, also accused of funding terrorism.

“We will continue to pursue terrorist funds. The blow to Hamas and the terrorist organization's ability to circumvent the traditional paths for transferring funds, through digital currency, is an important tool in the developing security system,” the Defense Minister said.

What are the prospects? Israel's Money Laundering and Terror Financing Prohibition Authority has said it plans to introduce new regulations on certain digital financial products, including cryptocurrencies. It aims to reduce the use of cryptocurrencies in criminal activity and terrorist financing.

Author:

Tatiana Darda Tatiana Darda

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy