Chainalysis has noted that on June 22, 2026, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) took decisive action against financial networks aiding the Islamic State of Iraq and Syria (ISIS). Chainalysis also mentioned that the agency designated three individuals and six entities operating across Europe, the Middle East, and West Africa for facilitating the movement of funds, including cryptocurrency, to support the terrorist group and its affiliates.
Chainalysis pointed out that the sanctions focus on disrupting cross-border financial channels that ISIS relies upon amid its decentralized structure.
Key figures include Miloud Abderrahmane, a French national accused of conducting transactions with ISIS associates and providing guidance on explosives to supporters.
Abdelhakim Boukich, formerly Dutch and now based in Syria, established and controls Bitcoin Xchange, a money services business founded in late 2020.
Mukhtar Adamu Muhammad, operating from Nigeria, serves as a financial facilitator for ISIS in West Africa (ISIS-WA).
Six entities were also blacklisted. Bitcoin Xchange handled transfers on behalf of ISIS associates from countries including Norway, Belgium, the Netherlands, South Africa, and the United States.
Two Turkey-based money services businesses—Spider Gayrimenkul Ve Genel Ticaret Limited Sirketi and Alkaram Danismanlik Gayrimenkul Ic Ve Dis Genel Ticaret Limited Sirketi—are owned and controlled by Mohamad Alhmidan, who faced earlier U.S. sanctions in 2016.
These firms originated from hawala operations in Syria and moved funds out of ISIS-controlled areas.
In Nigeria, three additional money services businesses—Nine to Nine Exchange Bureau de Change Limited, Manhattan Bureau de Change Limited, and Generation Currency Bureau de Change Limited—are owned or directed by Muhammad and linked to ISIS-WA activities.
Chainalysis analysis highlighted specific cryptocurrency activity tied to these designations.
OFAC identified two TRON blockchain wallet addresses associated with Abderrahmane: TBXMiRqUp1XH1zLazWu8cWitMAScv4HsYq and TDFj8tYzfLDkwEMo4MJ2DfrbpMztuCCnan.
Visualizations from Chainalysis Reactor showed transfers from these wallets to addresses connected with donation campaigns based in Syria and Gaza.
According to insights from Chainalysis, this enforcement action underscores the evolving use of digital assets by terrorist networks seeking to bypass traditional financial oversight.
For virtual asset service providers, cryptocurrency exchanges, and other financial institutions worldwide, the designations require immediate updates to sanctions screening lists and transaction monitoring systems.
The public identification of blockchain addresses emphasizes the value of advanced analytics tools in tracing illicit flows and assessing downstream exposure.
US persons must block any property or interests linked to the designated parties and report them to OFAC.
Foreign entities risk secondary sanctions if they continue facilitating significant transactions involving these individuals or businesses.
Non-compliance can lead to civil or criminal penalties under strict liability standards.
By targeting both traditional money services businesses and cryptocurrency channels, the action aims to sever critical funding lifelines that connect ISIS’s central directives with regional cells. Chainalysis has concluded that organizations equipped with blockchain intelligence capabilities are better positioned to detect and mitigate exposure to these high-risk networks, supporting broader efforts to disrupt terrorist financing globally.