US Treasury Imposes Sanctions On Gaza Crypto Business To Squeeze Hamas
Portfolio Pulse from Benzinga Neuro
The U.S. Department of the Treasury has imposed sanctions on several individuals and organizations, including a Gaza-based exchange, for allegedly supporting Hamas terrorist operations. The sanctions target Buy Cash Money and Money Transfer Company, which is accused of financing terrorist groups. The company was previously linked to wallets confiscated by Israel’s National Bureau for Counter-Terrorist Financing in 2021 and is accused of providing significant support for Hamas, including dealing with Bitcoin (CRYPTO: BTC). The Treasury also sanctioned Ahmed M. M. Alaqad, the proprietor of the exchange.
October 19, 2023 | 7:15 am
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NEGATIVE IMPACT
The sanctions on Buy Cash Money and Money Transfer Company, which dealt with Bitcoin, could potentially impact the perception of Bitcoin's use in illicit activities, potentially affecting its price.
The sanctions on a company dealing with Bitcoin for alleged support of terrorist activities could raise concerns about the use of Bitcoin in illicit activities. This could potentially lead to increased regulatory scrutiny and negatively impact the price of Bitcoin in the short term.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75