On Wednesday, the U.S. Department of the Treasury implemented sanctions against multiple individuals and entities for their alleged support of Hamas terrorist operations, which included a Gaza-based exchange.
One of the entities targeted by these sanctions was Buy Cash Money and Money Transfer Company, which, according to the Treasury, had a well-documented history of providing financial support to terrorist groups. In the words of Secretary of the Treasury Janet Yellen, The United States is taking swift and decisive action to target Hamas’s financiers and facilitators following its brutal and unconscionable massacre of Israeli civilians, including children.
Buy Cash, previously associated with wallets seized by Israel’s National Bureau for Counter-Terrorist Financing in 2021, is accused by the Treasury of having materially assisted, sponsored, or provided financial, material, or technological support, as well as goods or services, to or in support of Hamas. Notably, the company dealt with various assets, including bitcoin. Furthermore, the owner of the financial exchange, Ahmed M. M. Alaqad, was also subject to sanctions on Wednesday.
Between August 2021 and June 2023, Palestinian Islamic Jihad managed to accumulate $93 million in cryptocurrency donations, while Hamas received around $41 million in cryptocurrency contributions during the same timeframe. However, it’s crucial to note that cryptocurrency does not constitute the primary funding source for Hamas and its associated groups, including Palestinian Islamic Jihad.
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