#FinCEN issued an alert on October 20th to financial institutions, urging them to identify and report "suspicious activity" related to funding terrorist groups, with a specific focus on Hamas . The alert pointed out that Hamas has been using virtual currency and fictitious charities to raise both fiat and virtual currency for its activities. Financial institutions were advised to watch for clients engaged in transactions with businesses in Hamas-associated jurisdictions, entities on the Office of Foreign Assets Control's list of Specially Designated Nationals, and those soliciting cryptocurrency donations through social media. This warning comes after FinCEN proposed designating #crypto -mixing services as a primary concern related to money laundering and terrorism financing. U.S lawmakers and officials have also intensified efforts to combat "crypto-financed terrorism" following reports of Hamas using #cryptocurrency for fundraising, with over 100 lawmakers requesting an explanation of the administration's strategy to address this issue. The U.S Department of the Treasury's Office of Foreign Assets Control ( #OFAC ) imposed sanctions on a Gaza-based virtual currency exchange and other Hamas operatives in response to these concerns. This is not the first time FinCEN has issued such a warning; a similar alert was issued in March 2022 concerning Russian entities attempting to evade sanctions using #cryptocurrencies during the invasion of Ukraine.