Singapore Report: The Adoption Rate of Cryptocurrencies by Terrorist Organizations Remains Low Compared to Cash

ChainCatcher message, an internal investigation into the national terrorism threat in Singapore shows that terrorist organizations heavily rely on cash transfers to raise funds. In contrast, the adoption rate of cryptocurrencies by terrorist organizations remains low.

The Singapore government has noted that various Islamic terrorist organizations are increasingly using cryptocurrencies to fund their activities. However, most of the funding for the Islamic State (ISIS) in Iraq and Syria is still obtained through cash transfers. Wire transfers through financial institutions, money service companies, and cash courier companies remain the preferred method for terrorist organizations to raise funds.