According to recent reports by Bloomberg, ISIS is increasingly turning to stablecoins like Tether for fundraising and conducting financial transactions, particularly for their operations in Africa. The Counter ISIS Finance Group, an international coalition dedicated to disrupting the terrorist organization’s financial networks, has uncovered this concerning trend. While traditional methods such as cash couriers remain prevalent, there’s a noticeable uptick in the use of cryptocurrencies, especially by IS affiliates in West Africa.
Despite suffering significant territorial losses in Syria and Iraq, IS factions, particularly those in Africa, continue to pursue their violent agendas. It’s estimated that the organization holds between $10 million and $20 million in cash and other liquid assets, a significant decrease from their previous financial capacity. The primary income source for the group’s Somalia faction is reportedly the collection of approximately $6 million through extortion and local taxes.
In a related development, the recent $4.4 billion settlement between the U.S. Department of Justice and Binance included allegations that the exchange failed to implement crucial anti-money laundering measures to combat the financing of terrorist organizations like IS. The Counter ISIS Finance Group comprises nations such as the United States, Italy, and Saudi Arabia, among others, united in their efforts to curb IS’s financial activities and disrupt their operations worldwide.
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