Coinbase: Cryptocurrencies and other currencies should not be used to support terrorist organizations, and the United States needs clear supervision of crypto assets

Coinbase issued a statement saying that all types of currency, whether fiat currency, gold or cryptocurrencies, should not be used to support Hamas or any other terrorist organization. Coinbase is focused on rooting out bad actors who seek to use cryptocurrencies for illicit purposes, and has 400 compliance, legal and investigative staff across the company. Coinbase says blockchain is a tool to fight terrorism financing, reports of Hamas's digital asset-related funding linked to offshore entities not subject to U.S. laws, including anti-money laundering and sanctions regulations, making it easier for them engage in such conduct. This is why clear regulation is needed in the United States. Previously, Berenberg Capital Markets analyst Mark Palmer said that Hamas’s use of cryptocurrency to raise funds will make Coinbase’s legislative lobbying more difficult. Coinbase is lobbying for more transparency in Congress amid threats from U.S. regulation.