Recent reports have revealed that Hamas, the militant group controlling the Gaza Strip, has been using cryptocurrencies to fund its operations in Israel. This allows them to bypass international sanctions imposed by the West. In response, Israeli authorities have confiscated several wallet addresses believed to be owned by Hamas. The conflict between Israel and Hamas has prompted calls from Israel for crypto exchanges to freeze accounts associated with the militant group. Over 100 accounts on Binance, the world’s largest crypto exchange, have already been frozen, and Coinbase has also called for the seizure and closure of Hamas accounts. However, these actions may hinder Coinbase’s efforts to lobby for crypto regulations in the US, as the use of cryptocurrencies for illicit purposes casts a negative shadow on the industry. Lawmakers, led by Senator Elizabeth Warren, are pressuring the White House to crack down on Hamas’s use of crypto. They argue that strong action is necessary to address the risks of crypto illicit finance. It is important to note that while cryptocurrencies have been used to fuel conflict, they can also be used for good. Innovative projects utilizing cryptocurrencies like Stellar Lumens can help deliver aid to regions in need, such as the volatile Gaza Strip. The Stellar blockchain enables borderless, low-cost, transparent, and near-instant settlements, revolutionizing the aid assistance process.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Middle East
Countries	🇮🇱
Sentiment	negative
Relevance Score	1
People	Tom Robinson, Elizabeth Warren, Joe Biden
Companies	Hamas, Stellar Lumens, Coinbase, Binance, Elliptic
Currencies	Bitcoin
Securities	None