"This is just fair, no one wants to support only one side."
War and terror financing in regions like Ukraine and Israel received a major blow when leading stablecoin firm Tether (USDT) recently acted to block $873,000 worth of digital assets.
The move is not only aimed at combating the movement of illicit funds but also marks a significant shift towards proactive engagement with enforcement agencies.
Binance has also played a key role in helping Israeli authorities, where its forces have frozen cryptocurrency accounts linked to the Hamas group after allegedly disrupting a key financial source for its operations.
So here it can be seen that USDT and Binance have leveraged blockchain technology to track transactions.
According to USDT Chief Executive Officer (CEO) Paolo Ardoino, crypto is the most traceable asset as transactions are permanently recorded on the blockchain and this means that every movement of funds will leave a digital footprint.
The USDT operation has also demonstrated the effectiveness of the partnership between crypto firms and regulatory bodies as despite large funds seized linked to terrorism, the company blocked $835 million from illegal activities.
Pleased to be informed that USDT has joined hands with agencies across 19 jurisdictions including the United States (US), United Kingdom (UK) and China to strengthen its position as a responsible entity in the crypto market.
The collaboration also aims to increase the security of digital asset transactions and foster a safer global financial environment.
