Islamic State Is Increasingly Using Crypto to Fund Africa Militant Goals
- US in 2023 reached settlements with Binance worth $4.4 billion
- IS Somalia branch has become a primary source of revenue
While IS still mostly relies on informal money services such as cash couriers, affiliates, including those in West Africa, are making payments using virtual assets.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Islamic State is increasingly using cryptocurrencies such as Tether to raise and move money around the world, including in Africa, according to a group of nations formed to combat financing for the militant group.
While IS still mostly relies on informal money services such as cash couriers, affiliates including in West Africa are making payments using virtual assets, the Counter ISIS Finance Group said in a fact sheet posted on the US Treasury’s website.