April 19, 2024
U.S. Treasury Sanctions Crypto Operator Allegedly Tied to Hamas
Latest Cryptocurrency News

U.S. Treasury Sanctions Crypto Operator Allegedly Tied to Hamas

The U.S. Treasury Department has imposed sanctions on a Gaza-based crypto operator that is allegedly linked to the terrorist group Hamas. According to the Treasury, this operator, known as Buy Cash Money and Money Transfer Company, was used by various terrorist organizations, including Hamas, ISIS, and an al-Qaeda affiliate, to transfer funds. These sanctions were enacted in response to an attack by Hamas on Israel in October, with the aim of cutting off Hamas’s sources of revenue. The Gaza-based virtual currency exchange, along with its operator Khan Yunis and the business owner Ahmed M.M. Alaqad, were added to the Office of Foreign Assets Control (OFAC) list of specially designated nationals.

Treasury Secretary Janet Yellen emphasized the commitment to preventing Hamas from raising funds for their activities and terrorizing the people of Israel through the imposition of sanctions and cooperation with international allies.

Blockchain analytics firm Elliptic revealed that over $25 million in Bitcoin and Tether had moved through the Buy Cash Money and Money Transfer Company since 2015. In addition to Hamas, other terrorist groups, including an al-Qaeda affiliate and ISIS, were allegedly connected to this money transfer service.

Following the terrorist attack by Hamas, Israel declared war on the group, leading to military actions in Gaza and a humanitarian crisis. At the time of publication, U.S. President Joe Biden was in Israel, where officials agreed to allow humanitarian assistance into Gaza from Egypt.

The U.S. Treasury Department frequently employs sanctions to disrupt the financial support of entities associated with terrorism or other illicit activities. In a related move, the Treasury also imposed sanctions on crypto wallets linked to China-based chemical manufacturers involved in the production of the drug fentanyl on October 3rd.

Image by Wikimedia Commons

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