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The United States and the United Kingdom have imposed sanctions on Gaza Now, an internet 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 manufactured from digital assets of $21,000.

This statement is consistent with a bigger pattern found by TRM Labs, which factors out that donations made to terrorist organizations through crypto stay marginal in scale, with practically 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 strategy to counter the financing of terrorism. The Treasury Departments of each nations reiterated their dedication to this challenge, mentioning 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 house. 

More particularly, Coingape beforehand reported that this desire for particular cryptocurrencies, akin to Tether on the TRON blockchain, factors to specific attributes akin to low transaction charges and perceived anonymity. These developments underscore the continuing 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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Kelvin is a distinguished author specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive evaluation and insightful content material, he has an adept command of English and excels at thorough analysis and well timed supply.

The offered content material could embody 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 duty for your private monetary loss.