{"id":85995,"date":"2023-10-20T10:30:15","date_gmt":"2023-10-20T07:30:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85995"},"modified":"2025-09-13T02:42:34","modified_gmt":"2025-09-12T23:42:34","slug":"us-proposes-designating-bitcoin-mixers-as-money-laundering-hubs","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-proposes-designating-bitcoin-mixers-as-money-laundering-hubs\/","title":{"rendered":"US proposes designating bitcoin mixers as money-laundering hubs"},"content":{"rendered":"

FinCEN<\/span> plans to<\/a> designate cryptocurrency mixers as ‘money-laundering hubs’ that threaten national security.<\/p>\n

This sanction would require services to provide special reporting on any financial transactions.<\/p>\n

FinCEN estimates that the share of transactions of convertible virtual currencies processed by mixers and originating from likely illicit sources is increasing.<\/p>\n

The United States is increasingly concerned about the use of digital currencies by cybercriminals and terrorists, including Hamas and the Palestinian Islamic Jihad<\/span>.<\/p>\n

Earlier, US lawmakers urged the Biden administration to take decisive action to curb illicit cryptocurrency activity, called for<\/a>.<\/p>\n

Senator Elizabeth Warren, a member of the Senate Banking Committee, subsequently published in The Wall Street Journal article<\/a> arguing that DeFi companies ‘should comply with the same anti-money-laundering rules as banks’.<\/p>\n

However, the motion faced opposition from Yaya Fanusi, AML director at the Crypto Council for Innovation.<\/p>\n

\n

\u2018Exchanges and other financial intermediaries are money-services businesses under the Bank Secrecy Act and are already required to register with FinCEN and report suspicious activity potentially indicative of crime,\u2019 said Fanusi.<\/p>\n<\/blockquote>\n

As Chainalysis analysts noted recently, when tallying terrorism-related cryptocurrency, many misclassify third-party funds<\/a> that have passed through various financial services that interacted with criminals.<\/p>\n

In May 2022, the U.S. Treasury added to the sanctions list the cryptocurrency mixer Blender.io<\/a> and related Bitcoin and Ethereum addresses. The agency says the service helped launder funds stolen by North Korean hackers and was allegedly involved in ransomware attacks.<\/p>\n

On August 8 of the same year, was placed under US sanctions<\/a> on the Tornado Cash mixer for allegedly laundering more than $7 billion in cryptocurrencies. The service’s users included North Korea’s Lazarus Group.<\/p>\n","protected":false},"excerpt":{"rendered":"

FinCEN plans to designate cryptocurrency mixers as ‘money-laundering hubs’ that threaten national security.<\/p>\n","protected":false},"author":1,"featured_media":85996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,36,61,26],"class_list":["post-85995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-regulation","tag-terrorism","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85995"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85995\/revisions"}],"predecessor-version":[{"id":85997,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85995\/revisions\/85997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85996"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}