Tuesday, September 16, 2025

ISIS Turns To Crypto To Fund Operations Globally

The Islamic State (IS) militant group is increasingly turning to cryptocurrencies like Tether to raise and transfer funds globally, including in Africa, according to a coalition of nations working to disrupt the group’s financing

While IS still heavily relies on informal money transfer services, some affiliates, particularly in West Africa, are making payments using virtual assets.

Despite no longer controlling large swaths of territory in Syria and Iraq as it did a decade ago, IS offshoots, notably in Africa, continue violent campaigns. The group has an estimated $10 million to $20 million in liquid assets, a decline from its peak of hundreds of millions. The Somalia branch has been IS’s primary revenue source, generating around $6 million from extortion and local taxes.

Last year, the United States reached $4.4 billion in settlement agreements with Binance, the world’s largest crypto exchange, for failing to implement basic anti-money laundering measures to prevent activities by terror groups like IS. 

Tether stated its transactions occur on public blockchains, making them traceable, allowing assets to be seized and criminals caught, adding it cooperates with law enforcement.

The US, Italy, Saudi Arabia, and others comprise the Counter ISIS Finance Group monitoring the militant group’s funding. 

Also read: Elizabeth Warren Introduces Bill To Crack Down On Crypto

Separately, a UK crypto firm Copper allegedly sent $4.2 million in crypto to Jonatan Zimenkov, a known member of a Russian arms dealing network before US sanctions targeted him. Zimenkov, an Israel-born Russian national, has been accused by the US Office of Foreign Assets Control (OFAC) of aiding his father Igor Zimenkov, the leader of the Zimenkov collective, to sell arms to Russia and avoid sanctions.

According to the Guardian, the younger Zimenkov received 1,700 ETH (worth $4.2 million) in May 2021. 


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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