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FinCEN plans (pdf) to declare cryptocurrency mixers "money laundering centers" that threaten national security.
This form of sanction will require the services to provide special reporting on any financial transactions.
FinCEN estimates that "the percentage of convertible virtual currency transactions processed by mixers and originating from likely illicit sources is increasing."
The US authorities are more concerned about the use of digital currencies by cybercriminals and terrorists, including Hamas and the Palestinian Islamic Jihad.
Earlier, US lawmakers called on the Biden administration to take decisive action to limit illegal cryptocurrency activities.
Following this, a member of the US Senate Banking Committee, Elizabeth Warren, published an article in The Wall Street Journal, where she stated that DeFi companies "should be subject to the same anti-money laundering rules as banks."
However, the senators appeal was opposed by Yaya Fanusi, Director of Anti-money Laundering at the Crypto Innovation Council. According to him, the current regulation of cryptocurrencies in the United States complies with anti-money laundering rules, and companies conduct AML/KYC procedures and comply with sanctions against customers.
"Exchanges and other financial intermediaries are money service businesses under the Banking Secrecy Act and are already required to register with FinCEN and report suspicious activity potentially indicating a crime," Fanusi said.
Recall that the other day, Chainalysis analysts said that when calculating cryptocurrencies associated with terrorists, many incorrectly include in this mass third-party funds that passed through various financial services that interacted with criminals.
In May 2022, the US Treasury Department added a cryptocurrency mixer to the sanctions list. Blender.io and the associated bitcoin and Ethereum addresses. The agency claims that the service helped launder funds stolen by North Korean hackers, and was allegedly involved in ransomware attacks.
On August 8 of the same year, the Tornado Cash mixer was sanctioned by the United States on suspicion of laundering more than $7 billion in cryptocurrencies. The service was also used by the North Korean hacker group Lazarus Group.
This form of sanction will require the services to provide special reporting on any financial transactions.
FinCEN estimates that "the percentage of convertible virtual currency transactions processed by mixers and originating from likely illicit sources is increasing."
The US authorities are more concerned about the use of digital currencies by cybercriminals and terrorists, including Hamas and the Palestinian Islamic Jihad.
Earlier, US lawmakers called on the Biden administration to take decisive action to limit illegal cryptocurrency activities.
Following this, a member of the US Senate Banking Committee, Elizabeth Warren, published an article in The Wall Street Journal, where she stated that DeFi companies "should be subject to the same anti-money laundering rules as banks."
However, the senators appeal was opposed by Yaya Fanusi, Director of Anti-money Laundering at the Crypto Innovation Council. According to him, the current regulation of cryptocurrencies in the United States complies with anti-money laundering rules, and companies conduct AML/KYC procedures and comply with sanctions against customers.
"Exchanges and other financial intermediaries are money service businesses under the Banking Secrecy Act and are already required to register with FinCEN and report suspicious activity potentially indicating a crime," Fanusi said.
Recall that the other day, Chainalysis analysts said that when calculating cryptocurrencies associated with terrorists, many incorrectly include in this mass third-party funds that passed through various financial services that interacted with criminals.
In May 2022, the US Treasury Department added a cryptocurrency mixer to the sanctions list. Blender.io and the associated bitcoin and Ethereum addresses. The agency claims that the service helped launder funds stolen by North Korean hackers, and was allegedly involved in ransomware attacks.
On August 8 of the same year, the Tornado Cash mixer was sanctioned by the United States on suspicion of laundering more than $7 billion in cryptocurrencies. The service was also used by the North Korean hacker group Lazarus Group.
