The US Treasury Sanctions Crypto Operator Allegedly Linked to Hamas
The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has imposed sanctions on a cryptocurrency operator believed to be associated with the terrorist group Hamas. The move comes after Hamas carried out an attack on Israel, resulting in the deaths of Israeli citizens. The OFAC added a Gaza-based virtual currency exchange and its operator, along with their Bitcoin wallet address, to its list of specially designated nationals.
Targeting Hamas’s Revenue Sources
The Treasury Department stated that the sanctions were intended to disrupt Hamas’s sources of revenue. The digital currency exchange in question, called Buy Cash Money and Money Transfer Company, is operated by Khan Yunis, a resident of Gaza who is allegedly connected to Hamas. The owner of the business, Ahmed M.M. Alaqad, was also named in the sanctions.
Denying Funds for Terrorist Activities
Treasury Secretary Janet Yellen emphasized that the US government will continue to take necessary actions to prevent Hamas terrorists from raising and using funds for their activities. This includes imposing sanctions and working with allies and partners to track, freeze, and seize any Hamas-related assets.
Links to Other Terrorist Groups
According to blockchain analytics firm Elliptic, the money transfer company targeted by the US Treasury has been used by other terrorist organizations as well. Since 2015, over $25 million worth of Bitcoin and Tether has passed through the firm. Affiliated groups reportedly include al-Qaeda and ISIS.
Hot Take: Disrupting Terrorist Financing through Crypto Regulation
The US Treasury’s recent move to sanction a crypto operator linked to Hamas demonstrates ongoing efforts to disrupt terrorist financing networks utilizing digital currencies. By targeting these entities and their associated wallet addresses, authorities aim to cut off funding sources for terrorist activities. This action highlights the importance of robust regulatory measures in the crypto space to prevent illicit use and maintain the integrity of the financial system.
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