The U.S. Treasury has identified certain terrorist groups, such as Hamas, ISIS, and an al-Qaeda affiliate, utilizing the services of Buy Cash Money and Money Transfer Company for fund transfers.
The Office of Foreign Assets Control (OFAC) within the United States Department of the Treasury has imposed sanctions on a cryptocurrency operator allegedly linked to the Palestinian militant group, Hamas. In an announcement on October 18, OFAC sanctioned Hamas operatives and financial facilitators following their attack on Israel. Notably, a “Gaza-based virtual currency exchange and its operator” with a Bitcoin wallet address were added to OFAC’s list of specially designated nationals. The Treasury Department aimed these sanctions at cutting off Hamas’s revenue sources after an attack on October 7 resulted in the loss of many lives among Israelis. The digital currency exchange, named Buy Cash Money and Money Transfer Company, is operated by Khan Yunis, a resident of Gaza, with the Treasury asserting connections to Hamas for both the firm and Yunis. Ahmed M.M. Alaqad, the business owner, was also included in the sanctions.
Treasury Secretary Janet Yellen affirmed, “We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel. That includes imposing sanctions and collaborating with allies and partners to track, freeze, and seize any Hamas-related assets in their jurisdictions.”
On October 18, blockchain analytics firm Elliptic reported that several terrorist groups, including Hamas, an al-Qaeda affiliate, and ISIS, had utilized the money transfer company, resulting in more than $25 million in BTC and Tether passing through the firm since 2015.
The U.S. Treasury frequently deploys sanctions to undermine financial support for entities accused of involvement in terrorism or other illicit activities. On October 3, the Treasury announced sanctions against crypto wallets associated with China-based chemical manufacturers, in parallel with a Justice Department indictment over the production of the drug fentanyl.
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