Bitcoin traced to terrorist financing

By Christine Duhaime | May 3rd, 2019

For years now, people in the digital currency space have expressed concern about digital currency exchanges and digital currencies being abused for terrorist financing. Another report, this time from researchers at BellingCat, have apparently traced the use of a digital currency exchange directly to a terrorist group. Terrorist financing is not only prohibited and a criminal offence, the dealing in digital currencies or money of a terrorist group is also prohibited and an offence and such property must be immediately frozen. Often digital currency exchanges do not have adequate understanding of terrorism laws to mitigate terrorist financing.

BellingCat found that Hamas had raised funds from Bitcoin donations and that the wallets were held at Binance, the digital currency exchange. You can read more directly from BellingCat here, and see how the researcher traced the movement of Bitcoin.

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