The US Treasury Imposes Sanctions on Hamas-linked Crypto Transactions
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed new sanctions on facilitators and networks involved in crypto transactions linked to the Palestinian militant group Hamas. This move comes in response to Hamas’ attacks on Israel that occurred on October 7. The Treasury is targeting financial facilitators who played crucial roles in transferring crypto funds to Hamas. Similar sanctions have also been imposed by authorities in the United Kingdom and Australia.
The Sanctions
OFAC has listed several entities, including members of the Shamlakh family and the Herzallah Exchange, associated with a Gaza-based moneychanger funneling money from Iran to Hamas. As a result of the sanctions, all property and interests belonging to the designated individuals are now blocked, and any such assets must be reported to OFAC. Transactions involving these individuals or their property are generally prohibited unless authorized by OFAC.
Hot Take: US Treasury Takes Action Against Hamas-linked Crypto Companies
The US Treasury’s imposition of new sanctions against crypto operators linked to Hamas demonstrates its commitment to targeting terrorist financing networks. By focusing on financial facilitators involved in transferring crypto funds, the Treasury aims to disrupt Hamas’ ability to carry out its activities. These actions not only send a strong message about the consequences of supporting terrorism but also highlight the importance of regulating cryptocurrency transactions to prevent illicit use. The collaboration between the US, UK, and Australia in imposing these sanctions shows a united front against terrorist financing through cryptocurrencies.
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