FinCEN withdraws proposed crypto mixing regulation

CIE News ·

FinCEN has officially withdrawn its regulatory proposal targeting crypto mixing services under the PATRIOT Act, citing concerns over potential chilling effects on legitimate activity, according to The Block.

The Financial Crimes Enforcement Network (FinCEN) has officially withdrawn a proposal that sought to label crypto mixing services as a primary money laundering concern under the PATRIOT Act, The Block reported. The agency stated it withdrew the measure due to concerns that the designation would have a chilling effect on legitimate activity in the crypto industry. The decision cancels the regulatory framework previously proposed for mixing services.

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