- The Treasury Department is concerned over the increasing use of crypto by terrorists.
- The Department requests additional tools to protect Americans from bad actors.
- These Syria-based terrorist groups used Bitcoin for money laundering in the past.
The U.S. Department of Treasury has expressed concern over the increasing use of cryptocurrencies by terrorists and malign groups to circumvent sanctions. The Department’s Secretary, Wally Adeyemo, stated this on April 9 while testifying before the Committee on Banking, Housing, and Urban Affairs and the U.S. Senate.
According to Adeyemo, the Treasury Department needs additional tools to protect Americans, considering the increasing trend of bad actors adopting cryptocurrencies for illegal transactions. He cited certain instances when al-Qaeda and other affiliated terrorist groups, based out of Syria, operated a Bitcoin money laundering network using social media platforms to solicit cryptocurrency donations.
Adeyemo explained that the terrorist group received virtual currency from online donors and laundered the proceeds through various online gift card e…
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