US Authorities Refute Claims of Active Use of Cryptocurrencies by Hamas
Date: 2024-02-15 Author: Dima Zakharov Categories: IN WORLD
Cryptocurrency and Terrorism
An October 2023 article by WSJ alleged multi-million-dollar cryptocurrency donations to terrorists, specifically Hamas, surpassing $41 million in digital assets. However, this narrative faced criticism from crypto experts, highlighting that terrorist financing forms a small portion of cryptocurrency transactions, with a preference for traditional funding methods.
Statements from the US Treasury
Speaking before the House Financial Services Committee, Brian Nelson of the US Treasury dismissed claims of increased terrorist financing through digital assets. Nelson asserted that the situation surrounding crypto donations had been exaggerated, with reported sums overstated. The Treasury representative clarified that Hamas uses cryptocurrency in relatively small amounts compared to conventional financing.
Expansion of Authority
Despite refuting claims of cryptocurrency funding for terrorism, the US Treasury advocates for broader authority concerning digital assets. Nelson emphasized the department's commitment to thwarting terrorist groups' use of these revenue sources, calling for enhanced tools for regulatory control over the crypto industry.
It's worth recalling recent accusations against Binance for alleged terrorism financing linked to Hamas.
