Binance says it’s tough to catch terrorists because they use fake names
Binance has said it would be better equipped to track and prevent terrorists from financing their activities through its platform if only they’d sign up using their real names.
This is despite the company already claiming to have in place numerous “anti-money laundering and counter-terrorism financing requirements,” and putting in place “a robust compliance program … to detect and address suspicious activity.” The exchange also claims that it works closely with international counter-terrorism authorities.
Binance made the statement in response to a Reuters article that claimed that, since 2021, Israel’s National Bureau for Counter Terror Financing (NBCTF) has seized nearly 200 Binance accounts, including two with links to Islamic State and dozens of others connected to the Islamist Hamas group.
However, despite the outlet sharing a number of documents that seemingly confirm these links, Binance claimed in a statement that Reuters is “deliberately leaving out critical facts.”
“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,” it said.
“We are not aware of any exchange – or other financial institution for that matter – that does more today to keep bad actors off their platform than Binance.”
Read more: Islamic State tests NFTs for recruitment and financing
Bitcoin’s too hot to handle for Hamas
The NBCTF report claims that nearly all of the Binance accounts seized since December 2021 are owned by three Palestinian currency exchanges. They’re designated by Israel as “terrorist organizations,” for their suspected involvement in the transfer of funds by Hamas.
However, Hamas denies having any dealings with the firms, with a spokesperson branding the claims “an attempt by Israel to justify its economic war against Gaza and its people.”
Last week, Hamas called time on bitcoin donations to the group, citing an increase in hostility toward donors.
Got a tip? Send us an email or ProtonMail. For more informed news, follow us on Twitter, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.