2023-07-01 05:21:00
In a blog post published on June 30 by Binance, the cryptocurrency exchange, revealed a collaboration between its sanctions investigation team and the Israeli Ministry of Defense as part of an operation once morest terrorism targeting Iranian and Hezbollah terrorist groups.
Binance collaborates with Israel in the fight once morest the financing of terrorism
Binance collaborates with law enforcement agencies and regulators around the world to combat illicit financial cybercrime and fend off malicious actors.
Through its collaboration with the Israeli Ministry of Defense, Binance has contributed to the seizure of millions of dollars worth of cryptocurrencies stolen by the Iranian Quds Force for the financing of terrorism.
Binance’s Sanctions and Counter-Terror Financing Investigation Team helped identify terrorists and thwart their operations. The cryptocurrency exchange emphasizes that its team only targets sanctioned entities and not innocent cryptocurrency users.
After the recent crackdown, Israel’s National Counterterrorism Financing Bureau (NBCTF) and Israel’s National Cybercrime Unit congratulated the Binance team for his contribution to the preservation of global security.
Additionally, the Binance team declared itself satisfied with the success of the crackdown on the financing of the Iranian Islamic Revolutionary Guard Corps – Quds Force.
Fight once morest cybercrime and the financing of terrorism linked to cryptocurrencies
The current cryptocurrency landscape is particularly vulnerable to malicious actors who hijack funds of innocent users for illicit purposes.
This crime may be partly due to insufficient regulation in the market. However, Binance points out that his team carefully monitors these illicit activities identifying and reporting transactions made by sanctioned and suspicious accounts.
Keeping the cryptocurrency market free of bad actors is essential to facilitate the widespread adoption of cryptocurrencies. This case is not the first time the Binance team has worked with law enforcement agencies to fight financial crimes.
The June 30 article reveals that Binance’s investigative team has been working on more than 47,000 cases with law enforcement agencies. Team Reveals Helped Freeze and Seize Over $1 Billion in Illicit Transactions and Funds, including $900 million this year only.
To accelerate efforts to combat once morest financial crime and cybercrimeBinance has implemented a coordinated training program called “Law Enforcement Training Program” worldwide.
“We are proud to have been able to support one of the most significant cases of counter-terrorism financing and the successful neutralization of the financing of the Iranian Islamic Revolutionary Guard Corps – Quds Force on blockchain. We are committed to ensuring the security of the global cryptocurrency community through our proactive work.” – Said the Binance Sanctions Investigation Team.
The aim is to help law enforcement agencies and prosecutors detect financial crimes and prosecute malicious actors.
Cryptocurrencies have become a preferred means used by terrorist groups to launder illicit funds and finance their operations. This is mainly due offered anonymity by cryptographic transactions.
Law enforcement agencies in various jurisdictions, including the EU, are working to prevent terrorists and criminals from circumventing anti-money laundering laws using cryptocurrencies.
Source : Binance blog
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