{"id":176629,"date":"2023-10-18T19:48:19","date_gmt":"2023-10-18T14:18:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176629"},"modified":"2023-10-18T19:48:19","modified_gmt":"2023-10-18T14:18:19","slug":"terror-funding-still-relies-on-traditional-financial-systems-like-cash-not-crypto-says-coinbase-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/terror-funding-still-relies-on-traditional-financial-systems-like-cash-not-crypto-says-coinbase-crypto-news\/","title":{"rendered":"Terror funding still relies on traditional financial systems like cash not crypto says Coinbase – Crypto News"},"content":{"rendered":"

U.S. cryptocurrency exchange Coinbase wrote that the \u201coverwhelming majority of terrorist funding still relies on traditional financial systems, like cash,\u201d in an Oct. 17 blog post<\/a>.<\/p>\n

The exchange made this statement in response to claims that the crypto industry actively facilitated<\/a> transactions for malicious players. In the past week, heightened concerns emerged amid recent events, particularly Palestine\u2019s Hamas group\u2019s actions in Israel. Reports suggested that Hamas had accumulated a significant sum in crypto to fund their unanticipated attack.<\/p>\n

While crypto stakeholders, including Tether (USDT<\/a>) and Binance, have touted<\/a> their roles in helping the authorities rein in the illegal use<\/a> of crypto for terrorism financing, Coinbase argued that crypto\u2019s immutable ledger system made these types of transactions easier to trace, unlike cash payments, which are harder to track between institutions and geographies.<\/p>\n

Paul Grewal, Coinbase\u2019s chief legal officer, said<\/a>:<\/p>\n

\n

\u201cIt\u2019s disappointing that some would capitalize on a tragedy to scapegoat crypto while ignoring significant terror finance elsewhere.\u201d<\/p>\n<\/blockquote>\n

Coinbase furthered that blockchain is a tool that could be used to fight terrorism funding, adding that:<\/p>\n

\n

\u201cNo currency of any type \u2013 whether it\u2019s fiat, gold, or crypto \u2013 should ever be used to support Hamas or any other terrorist organizations. \u201c<\/p>\n<\/blockquote>\n

The crypto exchange concluded the post by advising the government to create clear rules to keep the industry in the United States and other regulated jurisdictions. It said:<\/p>\n

\n

\u201cReports of Hamas funding linked to digital assets are connected to offshore entities not subject to US laws, including anti-money laundering and sanctions regulations, making it easier for them to engage in such conduct.\u201d<\/p>\n<\/blockquote>\n

The post Terror funding still relies on traditional financial systems like cash not crypto says Coinbase<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. cryptocurrency exchange Coinbase wrote that the \u201coverwhelming majority of terrorist funding still relies on traditional financial systems, like cash,\u201d in an Oct. 17 blog post. The exchange made this statement in response to claims that the crypto industry actively facilitated transactions for malicious players. In the past week, heightened concerns emerged amid recent events, […]<\/p>\n","protected":false},"author":2,"featured_media":176630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-176629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=176629"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176629\/revisions"}],"predecessor-version":[{"id":176632,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176629\/revisions\/176632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/176630"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=176629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=176629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=176629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}