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The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned a Gaza-based cryptocurrency broker. Buy cash Money and Transfer Company (“Buy with cash”) based in the southern Gaza city of Khan Younis and offers money transfer and cryptocurrency exchange services.
Israel’s National Counter-Terrorism Financing Bureau seized a crypto wallet belonging to Buy Cash in June 2021, in connection with a Hamas fundraising campaign.
The service was also used by other terrorist groups. In September 2019, the Buy Cash wallet received Bitcoin in a transaction linked to Al-Qaeda subsidiary. Elsewhere in 2017, the Buy Cash account was used to facilitate purchases on behalf of the Islamic State of Iraq and Syria (ISIS).
Added one Bitcoin address associated with Buy Cash OFAC’s List of Specially Designated Nationals (SDN List). However, Elliptic is aware of a number of other addresses that the broker uses on Bitcoin and other blockchains.
In total, our research found that since 2015, these addresses have received more than $30 million worth of cryptocurrencies including Bitcoin and Tether. However, only a very small proportion of these funds are linked to terrorism. There are perfectly legitimate reasons for those in Gaza to use crypto-assets, for example to move funds to or from family abroad, and that would make up the vast majority of transactions carried out by this business.
How we can help
Elliptic clients can now view crypto transactions and explore wallets with links to all addresses controlled by this sanctioned actor.
Also, to learn more about how to stay safe, you can download our new “Cryptocurrency Sanctions Compliance 2023” report.
Compliance with EMEA regulations
