In a recent blog post, Coinbase, the largest US-based crypto exchange, has expressed its concern about the flourishing of cryptocurrencies in offshore jurisdictions. The company argues that allowing digital assets to thrive in areas not subject to US laws will only facilitate illicit activities by bad actors. Coinbase emphasizes its commitment to compliance and its robust compliance program, which includes KYC checks, sanctions screening, suspicious activity reporting, and strong partnerships with law enforcement agencies. The exchange also highlights the importance of blockchain analytics technology in tracing, reporting, and preventing terrorist financing. The statement from Coinbase comes in response to reports of the Palestinian militant group Hamas initiating a fundraising campaign using cryptocurrencies. Coinbase asserts that such activities are facilitated by offshore entities that are not subject to US laws and regulations, including anti-money laundering and sanctions regulations. The exchange believes that the US should maintain its position as a leader in the fight against financial crime and terrorism by establishing clear rules and regulations for the crypto industry. The Financial Times reports that over 100 Hamas-linked accounts have been closed on Binance since the conflict began, and Israeli authorities are investigating 200 other crypto accounts, most of which are held on the leading exchange.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Israeli authorities, Hamas, Coinbase, Binance, Financial Times |
| Currencies | None |
| Securities | None |
