The Israeli government is seizing $840K worth of cryptocurrencies from a company that are believed to be funding terrorist activity, according to report here.
Israel Authorities, led by Defense Minister, Benny Gantz, continues their effort to clamp down terrorist fund. In latest report, Gants reportedly has signed an order for seizure of cryptocurrencies amounted of more than $800K, in undisclosed crypto assets.
This follows a seizure of 150 digital wallets, linked to Al-Mathaddon Exchange, which own by the Malach family and linked to Hamas in Gaza.
Benny Gantz Commented,
We will continue to pursue terrorist funds. The blow to Hamas and the terrorist organization’s ability to bypass traditional channels of remittance, via digital currency, is an important tool in the developing security system.
Sources reportedly said that the company had recently increased its activity. They reportedly increased their activity due to the assassination of Hamed Ahmed Khundari, who were also charged for funding terrorism. The company has attempted to send fund to Hamas.
Previously, Israel’s Authority for Combating Terror Financing and Money Laundering reportedly plans to impose new regulations on some digital financial products, including cryptocurrencies.
The new regulations aimed stop cryptocurrencies use in criminal activities and hopes to stop from terrorist funding.