Binance shoots back on Reuters for report on confiscated accounts in connection with terrorism
Binance shoots back on Reuters for report on confiscated accounts in connection with terrorism
reports that the Israeli authorities have confiscated around 190 cryptocurrency accounts at Binance since 2021 and explained that some of them are connected to the terrorist groups Hamas and Islamic State.
The exchange claimed that Reuters (the media company, which informed about the confiscation) "deliberately leaves out critical facts in order to integrate them into their narrative". She emphasized that combating money laundering and preventing terrorist activities are still a main focus for the company.
The conflict between Reuters and Binance
According to the news agency, all Binance cryptocontes were confiscated
In addition, Reuters claimed that two of the entire addresses were connected to the Islamic state, while Hamas had a dozen more. A document published by Israel's National Bureau for Counter Terror Financing (NBCTF) and viewed by the media showed that the accounts belonged to a 28-year-old Palestinian named Osama Abuobayada.
The Islamic State and Hamas have taken responsibility for numerous incidents in recent years, while the United States, the European Union and many others have classified them as some of the deadliest terrorist units.
Reuters has criticized Binance over the years and accused the procedures for combating money laundering. It went on and claimed that the company had been handing down payments of more than $ 10 billion for criminals since 2017.
The world's largest cryptocurrency exchange quickly reacted to the allegations that proverb leaves " Consciously critical facts ”, to put Binance in a bad light.
It assured that anti-money laundering guidelines and fighting the terrorist financing based on cryptocurrencies are some of the highest standards for the company:
"The bottom line is not an exchange-or no other financial institution-which is more likely to do today to keep bad actors away from their platform as a bony.
Our guidelines and processes correspond to the AMLD5/6 requirements for combating money laundering and terrorist financing, and we have a solid compliance program that includes sophisticated principles for combating money laundering and global sanctions as well as instruments for recognizing and combating suspicious activities. We even have specialists in our team who have concentrated on the fight against terrorism during their entire career. ”
Binance said it worked with law enforcement authorities in the confiscation mentioned above. It also added that culprit did not register any accounts among the names of their criminal groups. However, the company takes suitable measures as soon as it discovers such bad behavior and if necessary.
The stock exchange then found that the blockchain technology based on its unchangeable, public character "has proven to be one of the most powerful instruments for the efforts of the law enforcement authorities to combat money laundering". as cryptopotato Hamas says "No" to Bitcoin donation
Some economists like Mohammad Abu Jayyab believe that Israel's authorities could pursue these transactions and see who has a connection to the Palestinian organization. Another suggestion is that Hamas has found more advanced options to finance its operations or has returned to traditional financing methods.
The American authorities stopped the efforts of Hamas, Al-Qaida and the Islamic State to obtain means by digital currencies, and seized 2020 US dollar. The Palestinian unit has received most of its BTC donations from Muslim countries, since most of them are behind it his war against Israel.
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