Expanding Sanctions on Hamas: U.S. Treasury Targets Cryptocurrency Use

WikiBit 2023-11-10 13:53

The US Treasury Announces Further Sanctions on Hamas, Including Action Against Their Use of Cryptocurrencies for Funding

Wally Adeyemo, the U.S. Deputy Secretary of the Treasury, stated on Thursday that, in the aftermath of Hamas' attacks on Israel last month, the United States and its allies are set to enforce more sanctions in the coming days and weeks to prevent Hamas from accessing funds, including targeting their use of crypto assets.

Adeyemo mentioned that while

cryptocurrency

isn't the primary source of funding for Hamas today, without proper safeguards and stringent adherence to anti-money laundering responsibilities in the cryptocurrency industry, the use of crypto by groups like Hamas to acquire funds could become more rampant over time.

Additionally, Brian Nelson, the highest-ranking sanctions official at the U.S. Treasury Department, met with private sector entities, including cryptocurrency firms and payment processors on Thursday, to discuss techniques to combat Hamas' fundraising methods.

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