US Strikes Financial Blow Against Hamas and Crypto Exchange
The United States Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken action against several individuals and entities with ties to Hamas, a move aimed at disrupting the group's financial resources.
These sanctions have been applied across various regions, including the West Bank, Gaza, Sudan, Turkey, Algeria, and Qatar.
The OFAC’s measures are specifically focused on those responsible for managing Hamas’s hidden investment assets. Notable individuals included in this list are Musa Muhammad Salim Dudin, representing Hamas’s Political Bureau and Investment Office, and Abdelbasit Hamza Elhassan Mohamed Khair, a Sudan-based financier with a history of large financial transactions in support of Hamas.
Of notable significance is the inclusion of a Gaza-based cryptocurrency exchange, “Buy Cash Money and Money Transfer Company” (Buy Cash), and its primary operator, Ahmed M. M. Alaqad. This underscores the Treasury’s efforts to track cryptocurrency transactions related to activities associated with terrorism.
Under these sanctions, the US government has frozen assets belonging to the designated individuals and entities within its jurisdiction. It also prohibits US individuals from engaging in any financial transactions with them. Companies and individuals found to be continuing associations with these entities may expose themselves to further sanctions from the US.
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In a statement, Janet L. Yellen, the Secretary of the Treasury, expressed the United States’ steadfast commitment to combating terror financing. She emphasized the US Treasury’s historical effectiveness in disrupting terrorist financial operations and its determination to employ its resources against Hamas to prevent them from raising and utilizing funds for violent activities.
Notably, Hamas publicly announced in April 2023 that it would no longer accept cryptocurrency donations after several freezing orders, citing concerns about the traceability and susceptibility of cryptocurrency funds to seizure.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
