The U.S. Treasury Department sanctioned a $2 million fundraising network related to Hamas, including cryptocurrency transfers

The U.S. Department of the Treasury announced sanctions against a member of Hamas's military wing, two French nationals, and two charitable organizations, accusing them of raising over $2 million for Hamas through cryptocurrency and so-called humanitarian donations during a fundraising campaign that lasted six years.

The Treasury stated that Faouzi Barika and Amel Oualid raised funds in France under the guise of humanitarian efforts, subsequently transferring the money to Hamas. This network raised over $2 million between 2020 and 2026, with $1.5 million occurring after the Hamas attack on Israel on October 7, 2023. The two also sent hundreds of thousands of dollars in cryptocurrency to Saleem Abdallah Saleem al-Zaq in Gaza, who is the deputy battalion commander of Hamas's Kassam Brigade.

These sanctions freeze the assets of the relevant entities within U.S. jurisdiction, and U.S. persons are generally prohibited from engaging in transactions with them. Foreign financial institutions that knowingly facilitate significant transactions may face secondary sanctions risks, and restrictions extend to companies in which the sanctioned parties hold more than 50% directly or indirectly. U.S. Treasury Secretary Scott Bessent stated that terrorist organizations like Hamas rely on complex financial intermediaries and fraudulent means. This move highlights U.S. concerns about the role of cryptocurrency in broader fundraising networks, rather than viewing it as Hamas's primary source of funding.