The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned on-chain wallets targeting “financial facilitators” and other parties supporting Hamas, including a company called “Buy Cash” based in Gaza. OFAC’s sanctions targeted eight individuals connected to Hamas’s investment portfolio, as part of an effort to support Israel in its conflict with the Islamist organization. Data from Chainalysis shows that Hamas has used crypto to receive tens of thousands of dollars in donations since 2019. Israeli police collaborated with crypto exchange Binance to freeze Hamas-tied accounts on the platform, while Tether, the world’s largest stablecoin issuer, also announced freezes on crypto addresses connected to terrorism. Over 100 U.S. policymakers have petitioned the Biden administration for more info on how it plans to “prevent crypto-financed terrorism”. This is a strong move by the U.S. Treasury to prevent the funding of terrorist activities, and shows the power of crypto to be used for both good and bad. #CryptoSanctions #BuyCash #Hamas #CryptoTerrorism
You can read more about this topic here: Decrypt: US Treasury Sanctions Gaza-Based Bitcoin Exchange Tied to Hamas
