The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Buy Cash Money and Money Transfer Company, a Gaza-based cryptocurrency exchange allegedly linked to the Palestinian militant group Hamas. OFAC also sanctioned 10 entities associated with Hamas, including its members, operatives, and financial facilitators.
In 2021, Israel’s National Bureau for Counter Terror Financing seized crypto wallets tied to a Hamas fundraising campaign, with one of these wallets belonging to Buy Cash, as reported by the blockchain intelligence firm Chainalysis.
Buy Cash was not only implicated in Hamas-related cryptocurrency activities but also involved in transferring funds for other terrorist groups, such as an al-Qa’ida affiliate in a 2019 Bitcoin transfer and procuring online infrastructure for ISIS in 2017, according to Chainalysis.
OFAC also imposed sanctions on individuals related to a secret Hamas investment portfolio and an operative with strong ties to the Iranian regime.
Furthermore, Israel initiated military action against Hamas on October 7 in response to a Hamas attack in Israel, which led to retaliatory airstrikes in Gaza.
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