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[14]Middle East News | [15]Palestinians

Hamas Announces Will No Longer Use Bitcoin Cryptocurrency for Fundraising

Hamas had endorsed crypto as a fundraising method for years, previously
developing sophisticated tactics to solicit bitcoin donations, however,
developments in technology that track the movement of crypto on the
blockchain ledger have made it easier for authorities to identify those
behind transfers
Reuters

[16]Reuters

Apr 28, 2023 10:55 pm IDT
Apr 28, 2023 10:55 pm IDT
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Yehiyeh Sinwar, head of Hamas in Gaza, delivers a speech during a rally
marking 'Jerusalem Day,' or Al-Quds Day, an annual celebration to
support Palestinians in the holy city, at a soccer filed in Gaza City,
in April.
Yehiyeh Sinwar, head of Hamas in Gaza, delivers a speech during a rally
marking 'Jerusalem Day,' or Al-Quds Day, an annual celebration to
support Palestinians in the holy city, at a soccer filed in Gaza City,
in April.Credit: Fatima Shbair/AP
Reuters

[19]Reuters

Apr 28, 2023 10:55 pm IDT
Apr 28, 2023 10:55 pm IDT

The armed wing of the Palestinian Islamist group Hamas said on Thursday
it would stop receiving fundraising via the cryptocurrency bitcoin, a
method it has used for years, citing an increase in "hostile" activity
against donors.

"This comes out of concern about the safety of donors and to spare them
any harm," the group said in a statement late on Thursday, adding that
it had seen increased efforts to prevent people and groups sending it
bitcoin funds.

The group, Izz el-Deen al-Qassam Brigades, Gaza's most powerful armed
faction that has fought several [20]wars with Israel over many years,
renewed its call for "continued donation to Qassam and the resistance
by all available means."
* [21]The Secret Weapon That Helps Hamas Raise Millions of Dollars
* [22]Uncovering the Dark Side of Digital Money
* [23]Hamas in Saudi Arabia: 'Opportunity' to strengthen its position
at PA's expense

Contacted by Reuters, the Israeli military declined to comment on the
Hamas statement.

Policymakers and regulators across the world have for years voiced
concern over the[24] illegal use of crypto, from money laundering to
the financing of terrorism. Bitcoin and other crypto tokens offer high
levels of anonymity, making them attractive to criminals.

However, developments in technology that track the movement of crypto
on the blockchain ledger have made it easier for authorities to
identify those behind crypto transfers. Many major crypto exchanges now
also run ID checks on clients.

Hamas had endorsed crypto as a fundraising method for years, previously
developing sophisticated tactics to solicit bitcoin donations.

The group doesn't disclose where its financial resources come from, yet
leaders have frequently mentioned donations by individuals across the
Muslim world as one key source. Iran has also always been a major
financial and military backer of the group, according to officials from
both sides.

Hamas is designated a terrorist organization by the United States,
Britain and the European Union. That means that, in the United States
for instance, it is illegal to provide it with money or training, with
financial firms in control of related funds obliged to report them to
the authorities.

In 2020, the U.S. broke up efforts by the military wing of Hamas,
al-Qaeda and Islamic State to raise funds via cryptocurrency, seizing
some $2 million worth of crypto.

Gaza economist Mohammad Abu Jayyab told Reuters the Hamas decision
implied they may have felt[25] Israel could reveal the identities of
donors or reach their wallets, and were therefore seeking to protect
them.

"They may also have preferred to go back to old traditional methods or
maybe they figured out more advanced ones," he added.

Click the alert icon to follow topics:

* (BUTTON) [26]Palestinians
* (BUTTON) [27]Hamas
* (BUTTON) [28]Gaza

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Yehiyeh Sinwar, head of Hamas in Gaza, delivers a speech during a rally
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