OFAC Sanctions Syria-Based Crypto Exchanger Bitcoin Xchange for ISIS Financing
The U.S. Treasury's OFAC designated three individuals and six entities for facilitating ISIS financial flows, including Bitcoin Xchange—a Syria-based money service business controlled by Abdelhakim Boukich, a former Dutch national. TRM Labs has tracked Bitcoin Xchange since early 2022 as a core off-ramp for ISIS-linked cryptocurrency fundraising campaigns. Addresses linked to Bitcoin Xchange show total volume of around $10 million with hundreds of transactions tied to ISIS fundraising. These Syria-based exchangers and hawala operators form a layered financial infrastructure, converting donated crypto to cash for camps like al-Hol and Roj, charging 2-5% fees. The designation also included Abdurrahmane Miloud from France, with TRX addresses linked to ISIS campaigns, and Mukhtar Adamu Muhammad with three Nigeria-based MSBs for West Africa ISIS support. TRM's analysis highlights address reuse across unrelated campaigns as a key indicator of exchanger-controlled wallets. This action reflects sustained pressure pushing ISIS toward decentralized affiliates, with financial facilitators providing critical connectivity through cryptocurrency.
Key facts
- OFAC designated Bitcoin Xchange, a Syria-based money service business controlled by Abdelhakim Boukich.
- Bitcoin Xchange processed ~$10M in transactions linked to ISIS fundraising campaigns since 2020.
- Syria-based exchangers convert crypto to cash for camps like al-Hol and Roj, charging 2-5% fees.
- TRM identified address reuse across unrelated campaigns as key indicator of exchanger-controlled wallets.
- Designations also included Nigeria-based MSBs and a France-based individual for ISIS support.