The Biden administration proposed labeling a cryptocurrency practice that provides customers with anonymity as a money laundering concern, amid a larger effort to crack down on illicit uses of crypto in the wake of Hamas’ surprise attacks on Israel. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said the rule would identify international crypto mixing — a practice that anonymizes crypto funds by mixing them with others — as a primary money laundering concern and would require financial institutions to report transactions involving crypto mixing.
Read the article: The Hill
