Binance Denies Allegations of Ties to Terrorist Groups, Highlights Its Compliance Measures – Coinpedia Fintech News
Binance has responded to a recent report published by Reuters, accusing the cryptocurrency exchange of various allegations. As per a recent Reuters report, Israeli officials have confiscated around 190 Binance accounts since 2021, claiming that they are linked to terrorist organizations such as Hamas and Daesh.
On their official website, Binance said that this time, the media organization has raised questions about their compliance policies for preventing and tackling cryptocurrency-based financing of terrorism.
They said that it is important to note that once a digital asset transaction has been verified on the blockchain, it cannot be blocked or reversed by anyone, including crypto exchanges. However, a crucial aspect of compliance for exchanges is their ability to detect and respond to suspicious deposits, and Binance is considered a leader in this regard.
A part of their lengthy response read, “With regard to the specific organizations mentioned in the article, it’s important to clarify that bad actors don’t register accounts under the names of their criminal enterprises. This is why our team collaborates with law enforcement, and leverages information that is only available to them in order to identify individuals operating accounts for illicit organizations.”
The released government documents allegedly revealed that the National Bureau of Criminal Investigation (NBCTF) seized an unspecified amount of cryptocurrency in January from two accounts believed to have connections to Daesh, a terrorist group operating in Syria and Iraq.
Additional records dating back to 2021 suggest that over 100 of the Binance accounts confiscated by the NBCTF had links to Hamas, a Palestinian militant organization that has frequently clashed with the Israeli Defense Forces.
They concluded by saying, “At the end of the day, these are challenging issues in which we have invested heavily on behalf of our users. Our team and systems have improved significantly over the past several years and we remain committed to leading the industry in efforts to keep bad actors entirely out of crypto.”
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