U.S. Intensifies Sanctions on Hamas, Targeting Crypto Assets

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Wally Adeyemo, the Deputy Treasury Secretary for the United States, made a recent announcement on further sanctions against Hamas, according to Reuters . These new measures are focused on Hamas' usage of bitcoin assets. This comes as a direct retaliation to the assault carried out by the Palestinian terrorist organization against Israel a month ago. The purpose of the sanctions, which were coordinated with partners of the United States, is to cut off Hamas's sources of revenue, especially those ones that include crypto assets.

Specifics of the Sanctions

The United States Treasury has implemented penalties on top Hamas leaders, a crypto exchange operating in Gaza, and people who have been related to Hamas's financial support. This comprises two Hamas executives as well as six persons who manage the financial portfolio for Hamas across a variety of geographic areas. The sanctions are a part of an attempt to disrupt the income that the organization derives from a portfolio of companies that is worth hundreds of millions of dollars.

The Office of Foreign Assets Control (OFAC) under the United States Department of the Treasury especially targeted the cryptocurrency exchange known as «Buy Cash,» which was located in Gaza and is suspected of having aided in the funding of terrorist operations. In addition to that, Ahmed M. M. Alaqad, the primary operator of Buy Cash, was given a punishment. There is evidence to suggest that Buy Cash was involved in wealth transfers between al Qaeda affiliates and ISIS.

In addition, the action taken by the Treasury Department targeted people such as Musa Muhammad Salim Dudin and Abdelbasit Hamza Elhassan Mohamed Khair, who were reportedly involved in facilitating the movement of cash for