The United States and the United Kingdom have imposed sanctions on Gaza Now, a web based media outlet accused of serving to with financing Hamas, particularly within the wake of the October 7 assault in Israel. These sanctions additionally apply to Mustafa Ayash, the founding father of Gaza Now, in addition to others and entities related to the group’s fundraising efforts.
Does the media & fundraising website ‘Gaza Now’ ring a bell?
It’s being pushed by quite a few celebrities and world leaders.
Well guess what? The U.S. Department of Treasury simply sanctioned it for offering materials help to Hamas! pic.twitter.com/UGNYNtZgA1
— StopAntisemitism (@StopAntisemites) March 27, 2024
Crypto Funding Under Scrutiny
The investigation of the fundraising actions by Gaza Now began after they accepted cryptocurrency donations within the wake of the October 7 occasion. Elliptic, a blockchain analytics agency, recognized the contribution product of digital assets of $21,000.
This statement is in keeping with a bigger development found by TRM Labs, which factors out that donations made to terrorist organizations through crypto stay marginal in scale, with almost 53% of the transactions being lower than $500.
International Response and Regulations
The sanctions are an additional transfer by the US and UK to destabilize the monetary networks backing Hamas. This measure is one facet of a wider worldwide method to counter the financing of terrorism. The Treasury Departments of each nations reiterated their dedication to this difficulty, stating the necessity for world collaboration when coping with such issues.
Moreover, the UK has put in place a complete asset freeze on individuals and entities related to Gaza Now, strengthening the worldwide place that the monetary system shouldn’t be misused for terrorist actions.
Counter-Terrorism Efforts
The use of cryptocurrencies in terrorist financing, whereas restricted, has drawn consideration to the necessity for extra sturdy monitoring and regulatory mechanisms inside the digital foreign money area.
More particularly, Coingape beforehand reported that this desire for particular cryptocurrencies, akin to Tether on the TRON blockchain, factors to explicit attributes akin to low transaction charges and perceived anonymity. These developments underscore the continued challenges and complexities in countering terrorism financing within the digital age, prompting a reevaluation of methods and instruments on this evolving panorama.
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