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 A US Treasury Department official said crypto firms aren’t doing enough to stop illicit funds from flowing to terrorists and warned that if they don’t take action the US and its allies will.
 Deputy Treasury Secretary Wally Adeyemo, speaking at the Royal United Services Institute in London today, said there some in the crypto space who wish to innovate without regard to the consequences, including protecting against illicit financing.
 “Let me be clear, we will use every tool available to go after any person or platform that is facilitating the movement of resources for terrorists,” he said
 Adeyemo said his department is engaging with financial institutions and crypto firms on ways to prevent terrorists from moving money. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Today, Treasury imposed sanctions on key Hamas-linked officials &amp; the financial networks Hamas uses to fund its operations. Today’s action targets assets in Hamas’s investment portfolio &amp; individuals who are facilitating sanctions evasion by Hamas-affiliated companies. https://t.co/5HSfgDhAKe
 — Treasury Department (@USTreasury) October 27, 2023
 </blockquote>
 
 <h3 id="us-expects-crypto-firms-to-be-proactive">US Expects Crypto Firms To Be Proactive</h3>
 “The expectation from the U.S. government is that financial institutions, crypto companies, and others in the virtual currency ecosystem will take proactive steps to prevent terrorists from accessing resources,” he said. “If they do not act to prevent illicit financial flows, the United States and our partners will.”
 The US has taken a series of actions to disrupt the financial network of the militant group Hamas that launched a surprise attack on Israel earlier this month. These measures include sanctions targeting key Hamas group members, operatives, and financial facilitators in Gaza and other locations, Adeyemo said
 “We sanctioned a Gaza-based virtual currency exchange and its operator, which was used by multiple terrorist groups, including Hamas, to transfer funds,” he said. “We also have taken steps to address systemic illicit finance risks posed by virtual currency mixing, a service that is often abused by illicit actors.
 InsideBitcoins reported earlier that the U.S. Treasury Department had announced efforts it is taking to target crypto mixers as a “primary money laundering concern” to combat terrorist groups’ use of cryptocurrency for fundraising. It had previously sanctioned the virtual currency mixer Tornado Cash for its role in money laundering.
 <h3 class="p2" id="span-class-s1-b-related-articles-b-span">Related Articles</h3>
 <ul class="ul1">
 <li class="li4">U.S. Treasury Targets Crypto Mixers In Crack Down On Money Laundering Following Hamas Attack </li>
 <li class="li4">US Legislators Demand Action Against Hamas Cryptocurrency Financing </li>
 <li class="li4">Crypto Market Responds to Israel-Hamas Tensions: A Glimpse into Volatility and Resilience </li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-treasury-warns-of-crackdown-on-crypto-firms-that-don-t-block-funds-to-terrorists-tbt68128.html">https://thebittimes.com/us-treasury-warns-of-crackdown-on-crypto-firms-that-don-t-block-funds-to-terrorists-tbt68128.html</a>
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US Treasury Warns of Crackdown On Crypto Firms That Don’t Block Funds To Terrorists

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