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The largest US-based crypto exchange wants to prevent crypto from thriving in offshore jurisdictions.<\/p>\n
In a new blog post<\/a>, Coinbase says leaving crypto to flourish abroad where entities are not subject to US laws will only enable bad actors to easily use digital assets for illicit purposes.<\/p>\n \u201cWe maintain a robust compliance program, which includes KYC (know your customer) checks, sanctions screening, suspicious activity reporting, and strong law enforcement partnerships, to prevent and detect illicit activity on our platform. Further, blockchain analytics technology allows us to trace, report, and even prevent terrorist financing. This is why it\u2019s critical to prevent crypto from thriving offshore.\u201d<\/em><\/p>\n The statement comes amid reports that the Palestinian militant group Hamas, which launched devastating attacks on Israel on October 7th, initiated a fundraising campaign on social networks asking the public to deposit cryptocurrencies into its accounts.<\/p>\n \u201cThe reports 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<\/em><\/p>\n Coinbase says the US needs to retain its position as the world leader in the fight against financial crime and terrorism.<\/p>\n \u201cBy creating clear rules of the road, we keep crypto in the United States and other regulated jurisdictions, ensuring compliance with sanctions and anti-money laundering rules.\u201d<\/em><\/p>\n According to the Financial Times, more than 100 Hamas-linked accounts have been closed<\/a> on Binance since the conflict started. Israeli authorities are also looking into 200 other crypto accounts, most of which are held on the leading crypto exchange.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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