Israel Defense Ministry Seized Crypto Wallets Holding Hamas-Destined Funds – Regulation Bitcoin News

Israel’s Defense Ministry seized cryptocurrency wallets holding funds that were destined for Hamas, a report has said. The wallets belonged to businesses that are associated with Al’matchadun currency exchange, which itself is accused of helping to funnel funds to Hamas.

Seizure Order

Israel’s Defense Ministry recently seized cryptocurrency wallets belonging to businesses that are associated with Al’matchadun currency exchange. They contained crypto assets in the amount of thousands to tens or thousands of shekels.

According to the Defense Ministry, the funds seized were on route to Hamas which is a terrorist group that the U.S. State Department has designated as such by the European Union.

The Jerusalem Post reports that the order authorizing the seizure by Defense Minister Benny Gantz authorized the operation. This seizure was the third in a 12-month span when Israel seizes crypto wallets.

Al’matchadun, according to the report, is owned by the Shamlach family which the Defense Ministry says is affiliated with terror networks. In his remarks following the seizure, Gantz is quoted reiterating Israel’s commitment to stopping the flow of funds to Hamas. He stated:

We are taking all the possible measures to cut off the economic ‘oxygen supply’ to terror organizations. We are expanding the arsenal of tools that can be used to combat terror and those companies supporting it. The intelligence, legal, and operational cooperation of the organisations involved is a credit to me. We will keep taking every measure necessary to defeat terror.

New Crypto Transaction Reporting Regulations

The National Bureau for Counter Terror Financing in Israel, (NBCTF), and the Lahav 433 national cyber unit were among the Israeli security agencies that participated in the seizing of crypto wallets. Israel Defense Forces (IDF)’s intelligence division was also a part of the operation.

Before the latest seizure, the NBCTF had previously seized crypto assets such as tether, XRP, and ether — all of which it said were destined for the Izzadin al-Qassam Brigades, Hamas’ military wing.

Israel’s latest seizure of crypto assets comes just a few months after the Authority for Combating Terror Financing and Money Laundering announced new regulations that demand more transparent crypto transaction reports.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.