US Treasury Sanctions Crypto Exchange Linked to Hamas
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on individuals and entities associated with Hamas. The aim of these sanctions is to disrupt Hamas’s sources of revenue, particularly in areas such as the West Bank, Gaza, Sudan, Turkey, Algeria, and Qatar.
The OFAC’s sanctions target individuals involved in managing Hamas’s secret investment portfolio. Among those sanctioned are Musa Muhammad Salim Dudin, a representative of Hamas’s Political Bureau and Investment Office, and Abdelbasit Hamza Elhassan Mohamed Khair, a Sudan-based Hamas financier. Additionally, four other operatives and a Qatar-based Hamas affiliate were designated for their roles in the organization’s investment network.
One notable development is the sanctioning of a Gaza-based crypto exchange called “Buy Cash Money and Money Transfer Company” (Buy Cash) and its chief operator, Ahmed M. M. Alaqad. This move highlights the Treasury’s efforts to track crypto linked to terrorist activities.
US Freezes Assets and Prohibits Transactions
Under these sanctions, the US has frozen the assets belonging to the designated individuals or entities within its jurisdiction. It also prohibits US individuals from engaging in transactions with them. Companies and individuals that continue to associate with these sanctioned entities may face the risk of US sanctions themselves.
Janet L. Yellen, Secretary of the Treasury, reaffirmed the US’s commitment to curtailing terror financing. She stated that the US Treasury will use all necessary tools to disrupt Hamas’s ability to raise and use funds for acts of terror.
Crypto Exchange Identified by Blockchain Analytics Firm
While the US Treasury’s Specially Designated Nationals List (SDN List) only includes one specific Bitcoin address linked to Buy Cash, blockchain analytics firm Elliptic has identified several other addresses used by the crypto exchange across Bitcoin and different blockchains. According to Elliptic’s research, these addresses have received cryptocurrencies worth over $25 million since 2015.
Hamas has previously announced that it will not accept crypto donations due to the traceability and vulnerability of such funds to seizure.
Hot Take: US Treasury Targets Crypto Exchange Linked to Hamas
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken action against individuals and entities associated with Hamas in an effort to disrupt their revenue streams. This includes imposing sanctions on a Gaza-based crypto exchange, Buy Cash Money and Money Transfer Company, and its chief operator. The move highlights the US Treasury’s commitment to tracking cryptocurrency linked to terrorist activities. By freezing assets and prohibiting transactions, the US aims to prevent these sanctioned individuals and entities from raising and using funds for acts of terror. While the effectiveness of these sanctions remains to be seen, it is clear that the US is actively targeting crypto exchanges connected to extremist organizations.
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