Palestinian terrorist group Hamas has decided to suspend its use of Bitcoin cryptocurrency for funding. This decision was taken amid fears of counterterrorism efforts. Hamas has clarified in a statement that they are concerned about the safety of their donors and have taken this step to prevent any harm.
In response to this decision, Hamas’ largest armed wing, the Izz ad-Din al-Qassam Brigades, has called for “continuous support for resistance through all available means.” Additionally, Hamas has reported increased efforts to prevent its supporters from sending Bitcoin.
Several countries opposed to terrorism have taken steps against terrorist groups using Bitcoin. India is one of these countries and has taken many steps to prevent terrorism through the use of Bitcoin.
Due to the ability of officials to identify the identity behind crypto transfers, cryptocurrency is no longer providing anonymity. According to a report by Reuters, some major crypto exchanges now also conduct ID checks on their customers.
Gaza economist Mohammed Abu Jayyab told Reuters that Hamas was afraid that Israeli donors’ identities could be exposed. He said, “It is possible that Hamas has decided to return to old traditional methods or has searched for more advanced methods.
Israel Takes Bold Action Against Terrorism Funding: Seizes Cryptocurrency Assets Worth Millions!
In December 2022, a Tel Aviv Magistrate Court approved the Israeli government’s seizure of all cryptocurrency assets funded by terrorism through digital wallets. This decision granted Israeli officials expanded authority to seize digital assets used to finance terrorist activities directly. The decision was made in December 2022.
According to Israeli financial news site Globes, Hamas began collecting funds by accepting Bitcoin donations through the US crypto exchange CoinBase in 2019. Initially, Israeli authorities were granted permission to seize digital assets used directly to finance terrorist activities, but this decision now grants them even more extensive powers.
