Bitcoin may pose a risk for terrorist financing, according to a new report from the Financial Action Task Force (FATF).
In a report entitled Emerging Terrorist Financing Risks, released today, the organisation notes that virtual currencies have "attracted the attention of various criminal groups", including extremist organizations.
However, while their use among terror organisations could grow in the short-term, the scale of the threat they pose is unknown and should be researched further, it says.
"This report presents a number of interesting cases, but the actual prevalence and level of exploitation of these technologies by terrorist groups and their supporters is not clear at this time and remains an ongoing information gap to be explored."
One of FATF's primary concerns in this area are foreign terrorist fighters (FTFs), who it says make up one of the main forms of "material support" for terrorist groups.
While FTFs are, for the most part, being financed via traditional avenues, the report flags evidence that bitcoin is being discussed as a means to purchase arms and fund "global extremist efforts".
The full report can be found here.
Founded in 1989, FATF is an international 'policy making' body that sets regulatory standards for tackling money laundering, terrorist financing and other threats to the financial system.
Its 36 members, who make up the majority of the biggest economies in the world, meet three times a year at the FATF Plenary, FATF's decision making body.
In June it had urged its members to monitor gateways such as bitcoin exchanges to mitigate the threat of money laundering and terrorist financing, having first flagged risks related to the currency during a 2014 report.
Islamic State image via Shutterstock
Binance Secures New Funding From Vertex Ventures
Correction: This article has been corrected to note that Temasek Holdings did not play a role in the investment, as was initially reported. Vertex Ventures is a limited partner with Temasek.
Bitfinex Is Publishing Data for a Tether Market That Doesn't Exist
Pop over to CoinMarketCap and check Bitfinex's page.
You'll see that the trading pair with the second-highest volume on the exchange over the past 24 hours – nearly $48 million at the time of writi
Coinbase Approved to Offer Crypto Custody Services in New York
Coinbase has received approval from New York regulators to form a qualified custodial firm for cryptocurrencies.
The New York Department of Financial Services (NYDFS) said Tuesday that it granted C
Elon Musk Sparks Speculation With Cryptic Crypto Tweet
Elon Musk, the founder of SpaceX and Tesla, just made a mysterious tweet about bitcoin that's whipping up speculation across social media and the cryptocurrency community that it may be more than just
Coinbase Adds Its First Stablecoin Tied to the US Dollar
Crypto exchange Coinbase announced support for the Circle-issued stablecoin Tuesday.
In a blog post, the exchange said U.S. customers outside the state of New York can now buy, sell, send and recei
Australian Government Agency Says Blockchain 'Interesting' But Hyped
The Australian government agency dedicated to streamlining the country's IT operations has called blockchain "interesting," but said it is hyped by firms working with the tech.
The chief digital of
Japan's SBI Group Is Building a New Crypto Exchange Wallet
Japanese financial services giant SBI Group has partnered with a blockchain security startup to develop a digital wallet for its recently launched cryptorrency exchange.
The Denmark-based startup,
New SEC Commissioner Briefed on Bitcoin ETF in October Meeting
The newest commissioner with the U.S. Securities and Exchange Commission met with representatives from money manager VanEck and blockchain startup SolidX earlier this month to discuss a bitcoin-based