US Treasury Department proposes restrictions on crypto mixer transactions

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed increased transparency around crypto mixer transactions to combat the use of that tool for illegal purposes.

If the new rule proposed by the FinCEN is adopted, it will require financial firms to report transactions allegedly involving crypto mixers – an anonymous software that enables users to hide the source or owner of digital resources.

The FinCEN’s proposal emphasises the increasing concern of US officials about the rule of crypto-currencies in the financing of individuals identified by the US government as terrorist groups.

‘Today’s action underscores Treasury’s commitment to combatting the exploitation of Convertible Virtual Currency mixing by a broad range of illicit actors, including state-affiliated cyber actors, cyber criminals, and terrorist groups’, said deputy treasury secretary Wally Adeyemo.

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