US Treasury Department Proposes Labeling Crypto Mixers as Money Laundering Concern

According to CoinDesk, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) is proposing to label crypto mixers as a "primary money laundering concern" in its effort to combat illicit crypto finance. The proposal highlights the terrorist groups that have benefited from anonymous crypto funds, including possibly Hamas. FinCEN issued a notice of proposed rulemaking on Thursday, which will be open to public comment for 90 days.Deputy Secretary of the Treasury Wally Adeyemo said in a statement, “Today’s action underscores Treasury’s commitment to combating the exploitation of Convertible Virtual Currency mixing by a broad range of illicit actors, including state-affiliated cyber actors, cyber criminals, and terrorist groups.” The statement cited the agency's past actions against Tornado Cash and Blender.io as examples of its commitment to fighting illicit crypto activities.