In recent years, cryptos have reshaped the financial system, offering a new level of anonymity and decentralization. One unintended consequence has been exploiting this financial technology by extremist groups to further their causes.
Hamas, a militant organization recognized as a terrorist entity by many countries, is a notable example of this trend. It has been reported that this group leverages crypto to raise funds, bypassing traditional financial systems, which are heavily monitored and regulated.
Hamas Exploits Crypto for Terrorism Funding
Iran was identified as a prominent financial supporter of Hamas, providing the resources necessary for the militant activities.
“Hamas is funded, equipped, armed by Iran and others. And so, that’s why we have taken action throughout this administration to hold Iran accountable. We’ve imposed sanctions on Iran for support to Hamas and other terrorist organizations. That is going to continue,” a senior Biden administration official told journalists.
However, a diversified approach to fundraising has emerged with crypto. The decentralized and pseudonymous nature of cryptos like Bitcoin has attracted the attention of Hamas, paving a new avenue for the accumulation of funds from sympathizers worldwide.
This is a major concern of United States Senators, such as Elizabeth Warren, who are pressing Congress to advance a bill enforcing fresh anti-money laundering regulations on crypto.
“The danger of crypto-financed terrorism is real and should be an urgent priority for Congress. There’s a growing bipartisan coalition of senators who are committed to passing this bill and fighting back against terrorism worldwide by choking off the financing,” Warren
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