Treasury crackdown exposes crypto's role in $2 million Hamas fundraising network
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Summary
The U.S. Treasury Department sanctioned a Hamas military-wing member, two individuals based in France, and two charities accused of raising over $2 million for Hamas from 2020 to 2026. The funds were raised through cryptocurrency and purported humanitarian donations, with $1.5 million collected after Hamas’s October 7, 2023, attack on Israel. Hundreds of thousands of dollars in cryptocurrency were reportedly sent to Saleem Abdallah Saleem al-Zaq, a Gaza-based Hamas commander. The sanctions freeze assets under U.S. jurisdiction and bar Americans from doing business with the designated parties.
Why it matters
The Treasury’s action highlights U.S. authorities' increasing focus on cryptocurrency’s role within broader terrorist fundraising and payment networks, rather than as Hamas’s primary funding source. It signifies growing regulatory and enforcement efforts targeting sophisticated fundraising schemes involving crypto and humanitarian fronts. The sanctions also serve to expose and deter foreign financial institutions that facilitate significant transactions for sanctioned entities.
Key context
The Treasury alleges a six-year fundraising operation involving fundraising in France with funds subsequently transferred to Hamas, which controls Gaza and is designated a terrorist organization. While previous U.S. sanctions and seizures related to Hamas’s crypto use exist, officials have noted that Hamas still primarily relies on conventional finance. Recent reports indicated that Hamas’s Al-Qassam Brigades advised donors to avoid direct crypto transfers via Binance, instead using other services to funnel funds.
Key numbers and entities
The designated parties include Hamas military-wing member Saleem Abdallah Saleem al-Zaq, two France-based individuals: Faouzi Barika and Amel Oualid, and two charities alleged to have aided fundraising. Over $2 million was raised from 2020 to 2026, including $1.5 million after October 7, 2023. The Treasury Secretary is Scott Bessent.
What remains unclear
The exact breakdown of how much of the $2 million was moved in cryptocurrency versus traditional means is not specified. Details about the two designated charities and the full scope of their activities are not provided. The source does not specify the identities of the two France-based individuals beyond their names or the precise methods used to transfer the funds.