terrorist financing Archives - Bitcoin Times

UK imposes new sanctions on Hamas-supporting media network

JM — Sat, 30 Mar 2024 10:06:52 +0000

The UK Government has announced a full asset freeze against two individuals suspected of providing financial support for Gaza Now – a news agency that promotes the Hamas and Palestinian Islamic Jihad terrorist groups. The pair, Aozma Sultana and Mustafa Ayash, and the companies and organizations owned or controlled by them, are now subject to an asset freeze in the UK, the UK Crown Dependencies, and Overseas Territories. This action is a significant move to disrupt the financial networks of terrorist groups and prevent funding being used to carry out atrocities.

Commitment to cut off funding sources to terrorist groups

The Treasury Minister Baroness Vere emphasized the commitment of the UK and its partners to cut off funding sources to Hamas, Palestinian Islamic Jihad, and other groups supporting terrorist activity in the Middle East. The UK has been working closely with its international partners, particularly the United States, to deploy financial sanctions as part of a coordinated effort to prevent terrorist financing and protect the integrity of the UK’s financial system.

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The UK and its partners are committed to cutting off funding sources to Hamas, PIJ and any others supporting terrorist activity
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Continued collaboration and commitment to sustainable peace in the Middle East

This latest designation builds on previous sanctions imposed on individuals and entities involved in arranging finance for Hamas and Palestinian Islamic Jihad. The UK continues to collaborate with partners to identify further opportunities to disrupt the financial networks of these terrorist groups. Furthermore, the UK is committed to reaching a long-term political solution to enable sustainable peace in the Middle East, ensuring the safety and well-being of Israelis and Palestinians.

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Global Governments Impose Sanctions on Hamas-Affiliated Crypto Facilitators

JM — Tue, 23 Jan 2024 15:10:27 +0000

The United States, United Kingdom, and Australia are taking decisive actions against individuals and entities connected to Hamas for their involvement in facilitating crypto and non-crypto transactions. The Treasury Departments of these countries have added several Hamas-affiliated financiers to the global financial blacklist, aiming to disrupt the international financial infrastructure supporting the terrorist organization. These measures reflect a growing concern among governments about the illicit use of cryptocurrency for nefarious purposes.

Hamas Exploits Cryptocurrency for Recruitment and Weapon Funding

Utilizing cryptocurrency as one of their financial transfer mechanisms, Hamas has attempted to fund and support recruitment and weapon purchases in the West Bank. The terrorist group has also been using corrupt money exchanges in both the West Bank and Gaza to launder funds. Since 2020, Hamas has increasingly turned to cryptocurrency to transfer funds and cover operational costs in the West Bank, leveraging its advantages of anonymity and secure cross-border transactions.

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Global governments crack down on crypto facilitators fuelling terrorist financing, aiming to safeguard financial systems.
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Crypto Tax Rules Debated Amidst Heightened Security Concerns

In response to this escalating threat, the United States is considering implementing stronger crypto tax rules to ensure regulatory oversight. Concerns have been raised by industry representatives who fear that excessive government intervention could stifle innovation and hinder the positive potential of decentralized finance. Striking the right balance between security and fostering innovation is crucial to safeguard against financial misconduct while promoting a thriving crypto ecosystem.

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U.S., U.K., and Australia Sanction Hamas-Affiliated Crypto Transaction Facilitators: Impact on UK and Global Financial System

JM — Tue, 23 Jan 2024 15:08:21 +0000

The U.S., U.K., and Australia have imposed sanctions on individuals and entities involved in facilitating cryptocurrency transactions for Hamas. This move has significant implications for the UK and the global financial system.

Implications for the UK and Global Financial System

The Treasury Department’s sanctions, carried out in close coordination with international partners, aim to disrupt Hamas’ financial support networks. By targeting the crypto infrastructure used by Hamas, the governments seek to prevent the terrorist organization from exploiting cryptocurrencies for illicit activities.

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International sanctions target Hamas’ exploitation of cryptocurrencies for illicit activities and disrupt their financial support networks.
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Disrupting Financial Support Networks and Illicit Activities

While no specific crypto addresses were added to the sanctions list, Israel’s National Bureau for Counter Terror Financing (NBCTF) froze several crypto addresses associated with exchanges involved in supporting Hamas. This action demonstrates the international community’s determination to tackle terrorist financing and disrupt illicit financial flows.

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US regulator sues Binance for US law wilful evasion

JM — Wed, 14 Jun 2023 05:30:16 +0000

US regulator sues Binance over wilful evasion of US law

The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Binance, one of the world’s largest cryptocurrency exchanges, and its CEO accused of wilful evasion of US law. The complaint also charges Binance’s former chief compliance officer with helping the firm commit the violations. Gretchen Lowe, the CFTC’s chief counsel, critised Binance for putting profits ahead of complying with the law, alleging that the platform has violated the US Commodity Exchange Act and CFTC regulations since 2019. One of the accusations included the offer and carrying out of derivatives transactions to US customers despite declaring its intent to block US clients from accessing its platform. Binance denies the allegations.

US regulators taking concerted action against cryptocurrencies

The CFTC’s legal action against Binance shows US regulators are taking concerted actions against cryptocurrencies. Recently, the US financial watchdog, the Securities and Exchange Commission (SEC), hinted at considering potential enforcement action against Coinbase. Binance has put profits ahead of the law, culminating in the violation of federal laws and regulations. The CTFT claims that Binance did not require client identification before trading, failed to implement basic procedures to prevent terrorist financing and money laundering, and asked employees to communicate with US customers about evading controls through a messaging app that automatically deletes messages. Binance is a well-established cryptocurrency exchange founded by Changpeng Zhao in 2017. The company spokesperson commented that the legal case was unexpected and disappointing while saying, “The best path forward is to protect our users and to collaborate with regulators to develop a clear, thoughtful regulatory regime.”

Unknown impact of legal action

It is unknown how this legal action will affect the UK market, or if other cryptocurrency exchanges could face similar legal issues. Overall, this case highlights the significance of the difference in cryptocurrency regulations across different countries. As the popularity of cryptocurrencies grows, it is essential to have clear and consistent regulations across jurisdictions.

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