Violent Extremists Turning to Virtual Currency to Raise Funds: Financial Intelligence Unit

Violent Extremists Turning to Virtual Currency to Raise Funds: Financial Intelligence Unit
A representation of virtual currency Bitcoin and small toy figures are placed on a computer motherboard in this illustration taken on Jan. 7, 2021. Dado Ruvic/Reuters
Isaac Teo
Updated:

Violent extremists are increasingly turning to virtual currency for fundraising, according to Canada’s financial intelligence unit.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a special bulletin Tuesday, warning that ideologically-motivated violent extremist (IMVE) groups are switching to virtual currency to raise funds after facing obstruction from online platforms.