The United States and its allies have recently announced plans to increase sanctions against the Palestinian-based militant group Hamas in order to cut off its funding and reduce its ability to carry out terrorist attacks. This includes targeting the use of cryptocurrencies in order to cut off the group’s access to the international financial system.
The US and its partners are increasingly concerned about the threat posed by Hamas, which controls the Gaza Strip and is considered a terrorist organization by the US and many of its allies. The US and its allies have implemented a variety of sanctions against Hamas, but its use of cryptocurrency to finance its operations has been a growing concern.
With the use of cryptocurrency, Hamas has been able to evade many of the sanctions and access international financial networks. By targeting Hamas’ access to cryptocurrency, the US and its partners hope to disrupt the group’s ability to fund its operations and carry out attacks.
The US and its allies have already put in place measures that track and report suspicious activities related to cryptocurrency and have blocked the transfer of funds to certain crypto wallets. In addition, the US is using its own Anti-Money Laundering and Counter-Terrorism Financing legislation to impose criminal sanctions on those involved in the use of cryptocurrency to fund terrorism.