The US Treasury Department's Office of Foreign Assets Control (OFAC) has placed sanctions on a cryptocurrency exchange in Gaza that is connected to Hamas funding. The exchange, named Buy Cash, is accused of aiding in terror financing activities. Israeli authorities have also seized crypto wallets connected to a Hamas fundraising campaign, including one belonging to Buy Cash. In response to the recent attack by Hamas on Israel, Israeli authorities have seized numerous crypto accounts and millions of dollars worth of crypto associated with terror financing. OFAC has expanded its sanctions to include ten individuals and financial collaborators linked to Hamas in various countries. The US Treasury's action aims to address concerns about illegal funding channels that exploit cryptocurrencies for terrorist activities. As a result of the sanctions, any assets or property controlled by the designated individuals within the US are frozen and must be reported to OFAC. Entities owned by these individuals are also subject to sanctions. Engaging in transactions or activities with sanctioned entities and individuals can lead to severe consequences for financial institutions and other entities. Such actions are generally prohibited under OFAC regulations.
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