FinCEN may designate cryptocurrency mixers as “money laundering hubs” that threaten national security.
This form of sanction will require services to provide special reporting on any financial transactions.
FinCEN believes that “the percentage of convertible virtual currency transactions processed by mixers that originate from likely illicit sources is increasing.”
US authorities are concerned about the use of digital currencies by cybercriminals and terrorists.
American lawmakers have called for decisive action to limit illegal cryptocurrency activities.
US Senate Banking Committee member Elizabeth Warren published an op-ed stating that DeFi companies “should be subject to the same anti-money laundering rules as banks.”
The director of anti-money laundering at the Crypto Innovation Council, Yaya Fanusi, opposed the senators’ appeal. According to him, the current regulation of cryptocurrencies in the United States is consistent with anti-money laundering rules, and companies carry out AML/KYC procedures and comply with sanctions against clients.