CoinDesk
The U.S. Treasury sanctioned a Hamas military-wing member, two France-based individuals and two charities over an alleged fundraising network that collected more than $2 million between 2020 and 2026. Treasury said $1.5 million was raised after Hamas’s Oct. 7, 2023, attack on Israel, and that hundreds of thousands of dollars in cryptocurrency went to a Gaza-based Hamas commander.
Why it matters
Treasury alleges that Faouzi Barika and Amel Oualid raised money in France for purported humanitarian causes before transferring it to Hamas. The department said the network used cryptocurrency as well as charitable donations, but did not say that the full $2 million was raised or transferred in crypto.
The case highlights authorities’ focus on crypto as one channel within wider fundraising and payment networks, rather than as Hamas’s primary funding source. Treasury officials have previously said the group relies mainly on conventional finance.
Market impact
The sanctions block designated parties’ property under U.S. jurisdiction and generally bar Americans from doing business with them. Foreign financial institutions that knowingly facilitate significant transactions could face secondary sanctions, and restrictions also apply to companies at least 50% owned by designated parties.
For crypto firms and other financial intermediaries, the action underscores the compliance risks of processing transactions connected to sanctioned entities. It follows reports that the Al-Qassam Brigades advised donors to avoid sending funds directly from Binance and use other crypto services before moving money to a TRON wallet.
Frequently asked questions
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How much money did Treasury say the network raised?
Treasury said the network collected more than $2 million between 2020 and 2026, including $1.5 million after Oct. 7, 2023.
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Did Treasury say the full $2 million was raised in cryptocurrency?
No. Treasury described crypto as one part of the fundraising network and said hundreds of thousands of dollars in crypto went to a Hamas commander.
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Who did Treasury sanction in the case?
The designations cover a Hamas military-wing member, two France-based individuals and two charities accused of helping raise funds.
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What do the sanctions mean for U.S. persons?
They block designated parties’ property under U.S. jurisdiction and generally bar people in the United States from doing business with them.
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Can foreign financial institutions face consequences?
Treasury said foreign financial institutions that knowingly facilitate significant transactions could face secondary sanctions. Restrictions also extend to companies at least 50% owned by designated parties.
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