[NEWS] U.S. Treasury Department sanctions Gaza Strip cryptocurrency exchange and operator

In response to the Islamic organization Hamas' attack on Israel, OFAC (Office of Foreign Assets Control) announced on the 18th that it would impose sanctions on nine individuals and one organization with the aim of cutting off the organization's source of funding.

The sanctions will target individuals in Sudan, Turkey, Algeria, and Qatar who are allegedly involved in Hamas's fundraising, financial intermediaries with close ties to Iran, and a cryptocurrency exchange based in the Gaza Strip.

OFAC says it will implement the sanctions promptly in cooperation with Israeli authorities. It has previously imposed sanctions on approximately 1,000 individuals and organizations related to Hamas, terrorist organizations in the Bizbollah region, and terrorist financing, which are linked to Iran, and the current sanctions are part of that effort.

Going forward, all assets of the sanctioned individuals in the United States will be frozen. In addition, the assets of any business entities in which the sanctioned individuals have rights will also be frozen.

Treasury Secretary Janet Yelle stated that the U.S. Treasury Department has a long history of effectively disrupting terrorist financing, and strongly asserted that "we will not hesitate to use our year-round tools against Hamas to completely block Hamas terrorists' fundraising methods and their ability to use them to commit atrocities and terrorize the Israeli people."

The central figure subject to the sanctions is Ahmed M Alaqad, owner of Gaza-based cryptocurrency exchange service Buy Cash Money and Money Transfer Company. He is a Hamas investor and was designated a "Specially Designated Global Terrorist" by OFAC in 2015.

Buy Cash is linked to a wallet seized by Israel's Office of Countering Terrorist Financing in June 2021, and in addition to its involvement in Hamas fundraising, it has also frequently been used by organizations affiliated with other terrorist groups to transfer funds. They also plan to block Hamas cryptocurrency fundraising activities via BuyCash in the future.

Following the surprise attack by Hamas on the 7th, Israeli police have been freezing cryptocurrency accounts related to Hamas one after another.

Reference: Announcement
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