EU regulations push the platform to suspend projects in conflict zones, including Palestine and Ukraine.
According to The Rage, the crowdfunding platform Geyser Fund has announced the removal of all projects located in conflict areas, including Palestine and Ukraine. The move, which affects initiatives such as ‘Bitcoin for Palestine,’ was justified as a response to the upcoming European regulations, particularly the Markets in Crypto-Assets Regulation (MiCAR).
Mick Morucci, CEO of Geyser Fund, stated:
“We care for human rights and sympathize with the causes, but realistically, if we want to stick around for the next years, these are the types of projects where Geyser is not the right place – they need more secure, more uncensorable systems.”
The “Bitcoin for Palestine” project, born from the collaboration between British activist Fumblebtc and Yusef Mahmoud, a Palestinian taxi driver from Gaza, raised over $170,000 through Geyser. The funds were intended for the purchase and distribution of food and water to civilians in need.
Geyser Fund’s decision comes within a broader context of increasing difficulties in funding Palestinian causes. In recent months, numerous countries have suspended funding to Palestinian NGOs, while public figures, journalists, and human rights activists have faced account freezes by international payment service providers.
Fumblebtc, co-founder of Bitcoin for Palestine, expressed deep disappointment over the decision:
“I wish to thank Geyser Fund for their incredible support for this work from the very start and express my sincere gratitude to the team. I lay the blame for this decision on increasingly punitive regulations and deepening financial censorship which further cut the lifelines of those who need it most.”
