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Hamas’ Use of Cryptocurrency for Attacks on Israel May Harm Coinbase’s Lobbying Efforts in the US, Says Report

According to a report from Berenberg Capital Markets, the use of cryptocurrency by Hamas militants to fund attacks on Israel may have hindered Coinbase's lobbying efforts in the United States. The report cites regulatory actions and political headwinds related to the Israel-Hamas conflict as reasons for a "cautious stance" towards Coinbase.

Israeli authorities recently shut down and seized over 100 accounts on Binance and other crypto exchanges that were being used to aid Hamas in fundraising efforts, which may make clarity around the legal status of crypto even more elusive. Despite weaker-than-expected trading volumes and ongoing legal battles, Berenberg analysts maintain a "hold" recommendation on Coinbase stock.

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