Coinbase announced that it concentrates on apprehending bad actors attempting to utilize cryptocurrency for illegal activities. It believes there is no place for fiat, gold, or cryptocurrency to be used in support of Hamas or any other terrorist group.
Coinbase tracks and stops the funding of terrorist organizations by collaborating with law enforcement and utilizing the blockchain’s power. Coinbase possesses an established history of promptly detecting, examining, and apprehending individuals who attempt to utilize cryptocurrency for unlawful purposes.
According to reports, Hamas got funding through digital assets via offshore entities that are exempt from US laws about sanctions and anti-money laundering. This makes it easier for them to engage in such activities.
Cash and other conventional financial systems continue to be the main sources of funding for terrorism. The immutable ledger system of cryptocurrencies makes it simpler to track down these kinds of transactions, discouraging dishonest people from doing them.
Coinbase’s Sanctions Screening tool can quickly identify and halt transactions related to sanctions, especially those associated 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.
The Coinbase team performs screening and KYC checks during the customer lifecycle and onboarding. They keep a careful eye on and block IP addresses linked to countries that are prohibited, monitoring and reporting suspicious transactions to regulators.
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