Bitcoin Xchange (Syria-based, ISIS-Linked)
Summary
Bitcoin Xchange is a Syria-based money services business established in late 2020 and controlled by Abdelhakim Boukich, a former Dutch national operating from Syria. On June 22, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) formally designated the entity under Executive Order 13224 for materially supporting ISIS by facilitating cryptocurrency-to-cash conversions on behalf of ISIS associates across multiple countries. On-chain analysis by TRM Labs attributed approximately USD 10 million in total transaction volume to addresses linked to Bitcoin Xchange, with hundreds of transactions connected to ISIS-linked fundraising campaigns.
Connected Entities
1 entities · 10 linked investigationsTimeline(6 events)
2018-12-01
A predecessor Syria/Idlib-based entity called BitcoinTransfer begins processing Bitcoin transactions later linked to terrorism financing; over USD 280,000 passes through it. Organizational connection to Bitcoin Xchange is not established.
Combating Terrorism Center at West Point2020-12-01
Bitcoin Xchange established in late 2020 by Abdelhakim Boukich and Syria-based associates, operating as a money services business in Idlib Governorate.
U.S. Department of the Treasury press release2025-10-01
ISIS-affiliated organizations announce receiving Tether donations for detainees at al-Hol and Roj camps, promoting a centralized fund system; broader network in which Bitcoin Xchange operates continues activity.
MEMRI Cyber and Jihad Lab2026-02-01
ISIS-linked Bitcoin campaigns raise approximately USD 7,400 for detainee relocation operations channeled through Syria-based exchanger network.
MEMRI Cyber and Jihad Lab2026-04-01
ISIS-affiliated fundraisers instruct donors to use Tron USDT (TRC20) wallets explicitly to avoid blockchain surveillance; Syria-based exchanges continue operating as cash-out layer.
MEMRI Cyber and Jihad Lab2026-06-22
OFAC designates Bitcoin Xchange (formally 'BITCOIN EXCHANGE AGENT IDLIB'S NO.1 COIN EXCHANGE') and its controller Abdelhakim Boukich under Executive Order 13224 for materially supporting ISIS. Five additional entities across Turkey and Nigeria and two other individuals are designated in the same action.
U.S. Department of the Treasury / OFACDecision Log
- hash: 9vNfLWGTSarHmLnidoMLgzrLHDxvo5KmepcVigvXRvyS
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/26/2026, 5:04:15 PM
last updated: 6/26/2026, 5:04:25 PM
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