---
title: "US Treasury Sanctions Hamas Network Over $2M Crypto and Charity Scheme"
description: "OFAC targeted a Gaza military commander and France-based fundraisers who moved over $2 million, including hundreds of thousands in cryptocurrency."
url: https://basisdesk.news/news/us-treasury-ofac-hamas-crypto-fundraising-sanctions
published: 2026-10-05T11:21:44.824Z
modified: 2026-10-05T11:21:44.824Z
section: Regulation & Policy
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: neutral
tickers: [BTC]
tags: [sanctions, ofac, hamas, treasury, counter-terrorism]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

# US Treasury Sanctions Hamas Network Over $2M Crypto and Charity Scheme

OFAC targeted a Gaza military commander and France-based fundraisers who moved over $2 million, including hundreds of thousands in cryptocurrency.

## At a glance

- **What happened:** OFAC designated three individuals and two French sham charities that moved over $2 million, including crypto, to Hamas.
- **Why it matters:** US-linked assets are frozen, and foreign institutions handling transactions for these targets risk secondary sanctions.
- **Who is affected:** The designated persons and entities, US financial institutions, and foreign virtual asset service providers.
- **Takes effect:** 2026-10-05
- **What's next:** No next step announced.
- **Status:** enforcement
- **Primary source:** [Treasury Dismantles Major Hamas Financing Network](https://home.treasury.gov/news/press-releases/sb0647) — home.treasury.gov

## Key points

- OFAC sanctioned three individuals and two French entities for financing Hamas using charities and cryptocurrency [1].
- The network raised over $2 million between 2020 and 2026, with $1.5 million collected after Oct. 7, 2023 [1].
- France-based fundraisers transferred hundreds of thousands of dollars in crypto to a Gaza military commander [1].

## Editorial remark

- **Context:** US authorities have consistently targeted digital asset rails and charitable fronts utilized by designated foreign terrorist organizations to circumvent global banking scrutiny.
- **Impact:** All US assets belonging to the named entities are frozen, and crypto intermediaries or offshore banks processing transactions for them face strict secondary sanctions.
- **Watch:** Potential secondary designations or asset seizure filings stemming from the FBI's coordinated multi-jurisdictional investigation.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three individuals and two entities on Oct. 5 for operating a fundraising apparatus that funneled more than $2 million to Hamas [1]. The network allegedly combined deceptive humanitarian charities in France with digital asset transactions to finance the group's military operations [1].

According to the Treasury release, the primary targets include Saleem Abdallah Saleem al-Zaq, a Gaza-based deputy battalion commander in Hamas's Al-Qassam Brigades, as well as France-based fundraisers Faouzi Barika and Amel Oualid [1]. Between 2020 and 2026, the network directed over $2 million to Hamas, including $1.5 million raised after the Oct. 7, 2023 attack on Israel [1]. As part of the arrangement, Barika and Oualid forwarded hundreds of thousands of dollars in cryptocurrency to wallets controlled by al-Zaq [1]. OFAC also blacklisted Association Baraka and Ensemble C Mieux, two French organizations established by Barika and Oualid that solicited donations under the guise of Gazan humanitarian aid [1].

## Broad Enforcement Push

The enforcement action was conducted in tandem with a broader FBI operation targeting Hamas fundraising operations, involving domestic law enforcement agencies such as the New York Police Department [1]. The Treasury measures follow similar federal efforts to constrain illicit cross-border finance, such as the [US Treasury Moves to Sever Russia-Linked A7 Shadow Banking Network](https://basisdesk.news/news/us-treasury-fincen-ofac-a7-network-sanctions).

Under the sanctions, all US-based property and financial interests belonging to the designated individuals and groups are frozen, and US persons are broadly prohibited from transacting with them [1]. Foreign financial institutions and virtual asset service providers that knowingly facilitate significant transactions for the sanctioned targets also risk secondary sanctions or exposure to enforcement penalties [1]. At the time of writing, $BTC was trading around $86,000.

## Sources

1. [Treasury Dismantles Major Hamas Financing Network](https://home.treasury.gov/news/press-releases/sb0647) — home.treasury.gov, 2026-10-05

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai