The USA and the UK 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 web site ‘Gaza Now’ ring a bell?
It’s being pushed by quite a few celebrities and world leaders.
Nicely guess what? The U.S. Division of Treasury simply sanctioned it for offering materials assist to Hamas! pic.twitter.com/UGNYNtZgA1
— StopAntisemitism (@StopAntisemites) March 27, 2024
Crypto Funding Beneath 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 fabricated from digital assets of $21,000.
This commentary is consistent with a bigger development found by TRM Labs, which factors out that donations made to terrorist organizations by way of crypto stay marginal in scale, with almost 53% of the transactions being lower than $500.
Worldwide Response and Laws
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 challenge, stating the necessity for world collaboration when coping with such issues.
Furthermore, 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
Using cryptocurrencies in terrorist financing, whereas restricted, has drawn consideration to the necessity for extra strong monitoring and regulatory mechanisms throughout the digital foreign money house.
Extra particularly, Coingape beforehand reported that this desire for particular cryptocurrencies, equivalent to Tether on the TRON blockchain, factors to specific attributes equivalent 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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The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
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