US Treasury Imposes Sanctions On Gaza Crypto Business To Squeeze Hamas

The U.S. Department of the Treasury imposed sanctions on multiple individuals and organizations, including a Gaza-based exchange, for allegedly supporting Hamas terrorist operations.

According to a report by CoinDesk, the sanctions hit Buy Cash Money and Money Transfer Company, which has been accused of financing terrorist groups for a substantial period.

“The United States is taking swift and decisive action to target Hamas's financiers and facilitators following its brutal and unconscionable massacre of Israeli civilians, including children,” said Secretary of the Treasury Janet Yellen.

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Buy Cash was previously linked to wallets confiscated by Israel’s National Bureau for Counter-Terrorist Financing in 2021. The firm has been accused of providing significant assistance, sponsorship, or financial, material, and technological support for Hamas. Bitcoin BTC/USD was among the assets the company dealt with.

The Treasury also sanctioned Ahmed M. M. Alaqad, the proprietor of the exchange, on Wednesday.

Blockchain analytics firm Elliptic noted that while the U.S. only sanctioned one address linked with Buy Cash, it knows of others used by the broker on multiple blockchains, including Bitcoin.

“In total, our research has found that these addresses have received cryptocurrencies including Bitcoin and Tether worth more than $25 million since 2015,” the firm revealed.

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