U.S. Treasury to Enforce Cryptocurrency Sanctions Following Hamas's Attacks on Israel
Summary:
The U.S. Treasury Department is reportedly planning to broaden its sanctions to include cryptocurrency mixers as money laundering hubs, following attacks on Israel by Hamas. This move, aimed at mitigating the illicit use of digital assets by cyber criminals, state-affiliated actors, and terrorist groups, follows concerns over alleged terrorist financing via crypto. Furthermore, a Gaza-based crypto operator suspected of ties to Hamas has been added to a list of Specially Designated Nationals. This story continues to develop.
The American Treasury Department is said to be broadening its sanctions to label cryptocurrency mixers as hubs for money laundering, ensuing the attack on Israel by Hamas. As per an article published in The Wall Street Journal on October 19th, Deputy Secretary of the Treasury Wally Adeyemo stated this inclusion of cryptocurrency mixers to the sanction lists by the US Government is a measure targeting the misuse of digital assets by state-affiliated cyber agents, cybercriminals and terrorist organizations. He referenced Hamas - the group behind the attack on Israel on October 7th, and Palestinian Islamic Jihad - the group that Israel has held responsible for an attack at a hospital in Gaza on October 17th, using cryptocurrency unlawfully. The article surfaced after US legislators expressed worry over alleged funding of terrorist organizations through crypto. On October 17th, over 100 congress members urged the Biden administration to act decisively and promptly to significantly limit illegal crypto activities. On October 18th, Treasury authorities also appended a crypto operator from Gaza, allegedly associated with Hamas, to its list of Specially Designated Nationals. This story is still unfolding and more details will be incorporated as they come forth.
Published At
10/19/2023 6:02:56 PM
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