• Binance has partnered with Israel’s Ministry of Defense in a counterterrorism operation against Iranian and Hezbollah terrorist groups.
• The Binance Sanctions Investigations Team aided in the seizure of millions of dollars in cryptocurrency stolen by Iran’s Quds Force for terrorism financing.
• The crypto exchange is committed to fostering security in the global crypto and blockchain ecosystem by targeting sanctioned entities, not innocent cryptocurrency users.
Binance’s Counterterrorism Effort Against Iran and Hezbollah
Binance has disclosed a collaboration between its Sanctions Investigation Team and Israel’s Ministry of Defense in a counterterrorism operation against Iranian and Hezbollah terrorist groups. A June 29 blog post revealed that this operation aims to track down terrorism financing operations linked to Islamic Revolutionary Guard Corp , Quds Force. This effort demonstrates Binance’s commitment to fostering security in the global crypto and blockchain ecosystem.
Seizing Millions of Dollars Linked to Terrorism Financing
The Binance Sanctions Investigations Team helped identify the terrorist operatives and circumvent their operations, resulting in the seizure of millions of dollars in cryptocurrency stolen by Iran’s Quds Force for terrorism financing. After the recent crackdown, Israel’s National Bureau of Counter Terror Financing (NBCTF) and Israeli National Cybercrime Unit commended Binance’s team for contributing to the fight to preserve global security.
Combating Cyber Financial Crime
The current cryptocurrency landscape is particularly susceptible to bad actors who hijack innocent user funds for illicit activities due to scanty regulations within the market. To combat cyber financial crime, Binance keenly monitors these illicit activities by identifying and flagging operations by sanctioned and suspicious accounts, only targeting sanctioned entities, not innocent cryptocurrency users.
Commendation from Law Enforcement Agencies
After this successful crackdown against Iran’s Islamic Revolutionary Guard Corps-Quds Force funding, Israel’s National Bureau of Counter Terror Finance (NBCTF) as well as Israeli National Cybercrime Unit commended Binance’s team for its contribution towards preserving global security through their collaboration with law enforcement agencies across countries .
Fostering Mainstream Crypto Adoption
Keeping the crypto market free from bad players is crucial to facilitating mainstream crypto adoption according to Binance . Thus , it continues working with global law enforcement agencies and regulators to fight illicit cyber financial crime while ensuring that markets remain clean from illicit actors .