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AI summary of a third-party reportBearishNewsDesk

US Treasury sanctions network over $2m Hamas crypto fundraising

The Treasury Department sanctioned a Hamas military-wing member, two France-based individuals and two charities over a six-year fundraising operation that raised more than $2m.

Why it matters: The action shows US authorities are examining crypto's place within wider Hamas fundraising networks rather than treating it as the group's main funding source.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: US Treasury sanctions network over $2m Hamas crypto fundraising
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Original reporting: Olivier Acuna, CoinDesk

Key points

  • Treasury said the network collected over $2m between 2020 and 2026, including $1.5m after the 7 Oct 2023 attack on Israel.
  • Faouzi Barika and Amel Oualid allegedly raised funds in France for humanitarian causes and sent hundreds of thousands of dollars in crypto to al-Zaq.
  • The sanctions freeze US-jurisdiction assets, bar Americans from dealings and expose foreign banks to secondary sanctions risk.

The department said the operation ran for six years and mixed cryptocurrency with purported humanitarian donations.

Treasury named Faouzi Barika and Amel Oualid, saying they raised money in France for humanitarian causes and passed it to Hamas.

Sanctions target network

7, 2023 attack on Israel, according to Treasury. The department did not say the full amount moved in cryptocurrency.

The designations freeze any US-jurisdiction property held by the parties, generally bar Americans from transacting with them and expose foreign financial institutions to secondary sanctions risk. The restrictions also cover companies owned 50% or more by designated parties. Treasury Secretary Scott Bessent said terrorist organisations like Hamas rely on financial facilitators and fraudulent schemes that exploit the public.

Read the full story on CoinDesk

Live updates on NewsFeeds:RegulationDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

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