The United States and the United Kingdom jointly announced they were imposing sanctions on companies linked to Gaza Now, an organization with alleged ties to Hamas. The move was part of a broader effort to curb financial flows to terrorist organizations.
Crypto donations are a thing of the past for the Gaza Organization
Blockchain analytics firm Elliptic has found that the online organization has raised just $21,000 in cryptocurrencies for Hamas since the October 7 attacks. Following the attack on Israel, Gaza Now and its founder were sanctioned for facilitating financial donations to Hamas. Nevertheless, crypto donations remain only a small part of the overall terrorist financing landscape. According to a new report from TRM Labs, most donations are under $500.
Gaza Now is a fundraising platform for Hamas. This is a Palestinian militant group that is considered a terrorist organization in many countries. The aim of the sanctions is to undermine Hamas’ financial resources in the Gaza Strip. By doing so, the US and UK hope to limit the group’s ability to carry out violent activities.
The news was announced in a joint statement from the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the UK’s Office of Financial Sanctions Implementation (OFSI). According to the statement, the sanctions target individuals and organizations involved in supporting Hamas-related activities through Gaza Now.
Sanctions against Gaza Now and partners
The founder of Gaza Now, Mustafa Ayash, is also affected by the sanctions. However, he is not alone: another person and two other companies are subject to the same restrictions. You have collaborated with Gaza Now on several fundraising events. The sanction lists several crypto addresses that Ayash and Gaza Now used to raise funds.
The sanctions against Gaza Now and its founder are part of a series of similar sanctions against others accused of supporting Hamas. An example of this is the Buy Cash crypto exchange. The exchange and the owner of the Gaza-based organization were closed in October 2023.
Brian Nelson, secretary of OFAC, indicated last Wednesday that the agency would not stop working against organizations like Gaza Now. In a press statement he said the following:
“The agency remains committed to limiting Hamas’s ability to finance its terrorist activities, including through online fundraising campaigns aimed at channeling funds directly to the group. “The United States, working closely with our British partners, will continue to use our resources to hinder Hamas’s ability to enable further attacks.”