Israel government Seized $840K Cryptocurrencies From a firm to tackle terrorist funding

• According to a recent local report, Protection Minister Benny Grantz has approved the seizure order.

• The defence official stated that the whole amount was originally NIS 2.6 million (about $840,000) in undeclared crypto assets.

• The government of Israel is continuing its attempts to crack down on individuals and businesses suspected of being involved in investment terrorism. In the most recent incident, they took almost $800,000 in virtual assets from the kind of firm.

According to reports, the budget has been linked to the al-Mathaddon alternative, which belongs to the Malach Circle of kin. According to some authorities, the latter has close ties to Hamas in Gaza.

Isreal is working for crypto regulation

Recently, the Government of Israel is on the front foot to combat cryptocurrency. Many legislation has been established to restrict crypto to crush fraudsters and scams.

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The Israeli government wants to treat crypto as banks to stop terrorist funding.

Isreal intends to restrict cryptocurrency

This is the second identical discovery of cryptocurrencies in recent months, after Gantz’s supervision of the confiscation of 150 virtual wallets also belonging to al-Mathaddon. 

According to unnamed sources, the corporation increased its operations following the killing of Hamed Ahmed Khundari (also accused of investment terrorism), and the aforementioned budget was on its way to Hamas.

Previously, Israel’s Authority for Combating Terror Financing and Money Laundering indicated that it intends to impose new regulations on several digital financial products, including cryptocurrency.

 It aims to reduce the use of cryptocurrency in court proceedings and terrorist funding.

Gantz said, “We will continue to pursue terrorist funds. The blow to Hamas and the terrorist organization’s ability to circumvent the traditional paths for transferring funds, through digital currency, is an important tool in the developing security system.”