U.S. Treasury Sanctions Crypto Operator linked to Hamas Amid Gaza Crisis
Summary:
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on a Gaza-based cryptocurrency exchange and its operator, allegedly linked to terror group Hamas. These sanctions aim to disrupt Hamas's revenue sources following a deadly attack on Israel. The Treasury also confirmed similar operations by other terrorist organizations, including ISIS and an al-Qaeda affiliate. Amid an intensifying crisis in Gaza, U.S. President Joe Biden, currently in Israel, agreed to support the entry of Egyptian humanitarian aid into Gaza.
The United States Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on a cryptocurrency professional accused of associating with extremist group, Hamas. Detailed in an Oct. 18 bulletin, the OFAC displayed penalization measures against financial collaborators and members of Hamas subsequent to the syndicate's assault on Israel. Included amongst those freshly sanctioned were a digital currency exchange based in Gaza, its operator, and a Bitcoin wallet address. The Treasury Department's objectives with these impositions were to dismantle Hamas's financial sources after an Oct. 7 attack that caused the demise of several Israelis. The tech company, known as Buy Cash Money and Money Transfer Company, is managed by Gaza inhabitant, Khan Yunis - alleged by the Treasury to have Hamas affiliations. The company's proprietor, Ahmed M.M. Alaqad, also had his name appended to the penalties. “The U.S. will persist in ensuring that Hamas terrorists are deprived of monetary resources to commit horrifying acts and instill fear in Israeli people,” declared Treasury Secretary Janet Yelln. “This includes enforcing restrictions and working in alliance with partners to locate, immobilize, and confiscate any assets connected to Hamas within their territories.”
On October 18, Elliptic, a blockchain investigation company, revealed that other extremist groups had engaged the money transfer business, with a reported $25 million in BTC and Tether (USDT) circulating through the company since 2015. These groups, reportedly tied to the business, include an al-Qaeda associate and ISIS. Following the terror attack, Israel formally initiated a war on Hamas, resulting in intense shelling over Gaza, causing a crisis as most inhabitants found it impossible to evacuate. As of now, U.S President Joe Biden, present in Israel for discussions with officials, agreed upon the entry of humanitarian aid into Gaza from Egypt.
The U.S. Treasury recurrently employs sanctions as a strategy to hamper financial backing to entities implicated in terrorism or other unlawful activities. On Oct. 3, Treasury declared sanctions against crypto wallets connected to chemical manufacturers based in China, concurring with a Justice Department indictment for the production of the drug Fentanyl.
Published At
10/18/2023 4:33:10 PM
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