The terrorist group ISIS has been utilizing stablecoins like Tether for fundraising and global financial transactions, including operations in Africa.

According to a report by Bloomberg, the Counter ISIS Finance Group, an international coalition aimed at disrupting the militant organization’s financial networks, has identified the use of stablecoins by the terrorist group. While traditional methods such as cash couriers are still prevalent, there is a noticeable shift towards using cryptocurrencies, especially by IS affiliates in West Africa.

Despite losing control over significant territories in Syria and Iraq, IS factions, particularly in Africa, continue their violent activities. The organization is reported to have between $10 million and $20 million in cash and other liquid assets—a substantial decrease from its previous financial capacity, which once reached hundreds of millions of dollars.

The primary income source for the group’s Somalia faction is the collection of around $6 million through extortion and levying local taxes.

The recent $4.4 billion settlement between the U.S. Department of Justice and Binance also included allegations that the exchange failed to implement essential anti-money laundering measures to combat the financing of terrorist organizations, including IS. The Counter ISIS Finance Group comprises the United States, Italy, Saudi Arabia, and other nations working together to curb IS’s financial activities.

For more news and updates on cryptocurrencies and finance, explore Global Crypto News.

Post Views: 5