{"id":36425,"date":"2023-10-26T21:05:02","date_gmt":"2023-10-26T21:05:02","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/lawmakers-urge-doj-to-decide-on-binance-and-tethers-role-in-crypto-funded-terrorism-linked-to-hamas-and-israel-conflict\/"},"modified":"2023-10-26T21:05:05","modified_gmt":"2023-10-26T21:05:05","slug":"lawmakers-urge-doj-to-decide-on-binance-and-tethers-role-in-crypto-funded-terrorism-linked-to-hamas-and-israel-conflict","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36425","title":{"rendered":"Lawmakers Urge DOJ to Decide on Binance and Tether&#8217;s Role in Crypto Funded Terrorism Linked to Hamas and Israel Conflict"},"content":{"rendered":"<div>\n<figure id=\"attachment_121299\" aria-describedby=\"caption-attachment-121299\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-121299\" class=\"wp-caption-text\">Lawmakers call for expedited DOJ action in investigating Binance and Tether\u2019s potential role in crypto funded terrorism. <em>Image by orcea david, Adobe Stock.<\/em><\/figcaption><\/figure>\n<p>Today, as the U.S. Department of Justice (DOJ) evaluates possible <strong>criminal charges<\/strong> against Binance and Tether, two prominent <strong>U.S. lawmakers<\/strong> are emphasizing the urgency of the matter. <strong>U.S. Senator Cynthia Lummis<\/strong> (R-Wy.) and <strong>Representative French Hill<\/strong> (R-Ark.) dispatched a letter to Attorney General Merrick Garland, insisting that the DOJ <strong>swiftly conclude its investigations<\/strong> into the two companies.<\/p>\n<p>At the core of the issue is the potential role of these cryptocurrency platforms in <strong>crypto funded terrorism<\/strong>, specifically in facilitating financial transactions for <strong>Hamas<\/strong>.\n<\/p>\n<h2>U.S. Lawmakers\u2019 Stand on Crypto Regulation<\/h2>\n<p>The letter from Lummis and Hill<\/p>\n<p> urges the DOJ to take decisive action on <strong>Binance and Tether<\/strong>\u2018s potential involvement in crypto funded terrorism.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">When it comes to illicit finance, crypto is not the enemy \u2013 bad actors are. <\/p>\n<p>I sent a letter asking DOJ to finish its investigation and consider criminal charges against Binance and Tether after reports they served as intermediaries for Hamas and engaged in illicit activities. <a rel=\"nofollow\" href=\"https:\/\/t.co\/M3KGNFkpWc\">pic.twitter.com\/M3KGNFkpWc<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/SenLummis\/status\/1717585513836691606?ref_src=twsrc%5Etfw\">October 26, 2023<\/a><\/p>\n<\/blockquote>\n<p>Both lawmakers have a history of advocating for <strong>measured regulation of cryptocurrencies<\/strong>. Lummis is an active member of the Senate Banking Committee and has previously drafted <strong>crypto-related legislation<\/strong>. Meanwhile, Hill chairs the Subcommittee on Digital Assets in the House Financial Services Committee.\n<\/p>\n<h2>The Question of Complicity<\/h2>\n<p>\nThe lawmakers allege that Binance and Tether may have been complicit in violations of sanctions by neglecting due diligence procedures. Hill and Lummis were explicit in stating that Binance\u2019s current cooperation should not alleviate criminal culpability.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Data used to describe the scale of Hamas&#8217;s cryptocurrency fundraising is exaggerated, with Hamas receiving only $21,000 in new cryptocurrency donations since October 7, most of which has been frozen, according to research firm Elliptic. Earlier, both Tether and Binance stated\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1717370745897328780?ref_src=twsrc%5Etfw\">October 26, 2023<\/a><\/p>\n<\/blockquote>\n<p>According to them, Binance is cooperating only after having knowingly enabled its platform to be used by terrorist organizations. Tether, they claim, similarly failed to perform adequate customer screening, even while aware that its services were being used to fund Hamas and other groups.\n<\/p>\n<h2>Ramifications Beyond the Conflict<\/h2>\n<p>\nThe issue transcends the immediate situation involving the <strong>Hamas-Israel conflict<\/strong>. Decisions by the DOJ could set important precedents for crypto regulation and its relation to international disputes.<\/p>\n<p>The lawmakers\u2019 intervention also adds to the complex narrative of how crypto assets like Bitcoin can be weaponized financially.<\/p>\n<p>In their letter, the lawmakers pointed out that while some reports contest the scale of crypto funding as reported by the Wall Street Journal on October 10, the essential issue is not the amount but the act itself.<\/p>\n<p>\u201cHowever, we believe it is nonetheless imperative that the Department of Justice hold bad actors accountable if they are shown to facilitate illicit activity,\u201d they wrote.<\/p>\n<p>Coinbase Institutional head of institutional research David Duong suggested that the matter has already been partially priced into the markets, indicating that the financial sector is awaiting the DOJ\u2019s decision with bated breath.<\/p>\n<p>Given that other financial services are also under scrutiny for their roles in crypto funded terrorism linked to the conflict between Hamas and Israel, the outcome could serve as a bellwether for broader crypto regulation.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/lawmakers-urge-doj-to-decide-on-binance-and-tethers-role-in-crypto-funded-terrorism-linked-to-hamas-and-israel-conflict.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawmakers call for expedited DOJ action in investigating Binance and Tether\u2019s potential role in crypto funded terrorism. Image by orcea david, Adobe Stock. Today, as the U.S. Department of Justice (DOJ) evaluates possible criminal charges against Binance and Tether, two prominent U.S. lawmakers are emphasizing the urgency of the matter. U.S. Senator Cynthia Lummis (R-Wy.) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-36425","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lawmakers Urge DOJ to Decide on Binance and Tether&#039;s Role in Crypto Funded Terrorism Linked to Hamas and Israel Conflict | Prosfunds<\/title>\n<meta name=\"description\" content=\"Lawmakers call for expedited DOJ action in investigating Binance and Tether\u2019s potential role in crypto funded terrorism. 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