FinCEN Issues Alert on Crypto Transactions Linked to Hamas

The Financial Crimes Enforcement Network (FinCEN) of the United States Treasury Department has issued an alert directed at financial institutions to identify “suspicious activity” associated with the funding of terrorist organizations.

In a notice released on October 20, FinCEN highlighted that the militant group Hamas, which was responsible for the attack on Israel on October 7, has been using “fundraising campaigns involving virtual currency and fictitious charities raising both fiat and virtual currency” to support its operations. The agency urged virtual asset service providers and other institutions to “identify and report suspicious transactions” that may be linked to Hamas.