FinCEN announced on Oct. 5 that it is withdrawing its crypto-mixing reporting proposal, which went beyond dedicated mixing services and would have required financial institutions to report information about transactions and their customers. The agency is withdrawing both its 2023 finding that international crypto mixing constitutes a class of transactions of primary money laundering concern and the proposed recordkeeping and reporting rule. FinCEN cited commenters’ concerns that the expansive definition could chill legitimate activity and impose a large reporting burden. Covered crypto money transmitters remain subject to existing requirements including registration, risk-based anti-money-laundering programs, recordkeeping and suspicious activity reporting.
Source: Read the original article
