Coinbase stated that it focuses on apprehending bad actors seeking to use cryptocurrencies for illicit operations, since there is no place for money, gold, or cryptocurrency used in support of Hamas or any other terrorist group.
Coinbase collaborates with law enforcement and uses blockchain technology to track and stop the funding of terrorist organizations. Coinbase has a proven track record of detecting, investigating, and apprehending individuals who attempt to use cryptocurrencies for illegal reasons.
According to reports, Hamas has funded digital assets through offshore firms that are free from US sanctions and anti-money laundering regulations. This makes it easier for them to participate in such activities.
Cash and other traditional financial systems continue to be the primary sources of funding for terrorism. The immutable ledger structure of cryptocurrencies makes it easier to track down these kind of transactions, prohibiting dishonest persons from carrying them out.
Coinbase’s Sanctions Screening tool can swiftly identify and block sanctions-related transactions, particularly those affiliated with terrorist organizations. Coinbase employs 400 compliance, legal, and investigative staff members who have previously served in US government national security and law enforcement agencies.
During the customer lifecycle and onboarding process, the Coinbase team undertakes screening and KYC checks. They keep a close eye on and block IP addresses associated with forbidden nations, while also monitoring and reporting suspicious transactions to regulators.
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