US Treasury Department to Recognize Cryptocurrency Mixers as “Money Laundering Tools”

The Biden administration is preparing to designate international cryptocurrency mixers, known as “mixers,” as money laundering centers that pose a threat to national security.

With this move, everyone who conducts transactions with these organizations will be required to prepare a special report.

With this action, the US Treasury Department is using one of its most powerful tools in the fight against illicit finance. “Today’s action underscores Treasury’s commitment to combating the misuse of the Convertible Virtual Currency (CVC) mix by a wide range of illicit actors, including government cyber actors, cybercriminals, and terrorist groups,” said Deputy Treasury Secretary Wally Adeyemo.

Adeyemo also claimed that the ministry is aggressively combating the illegal use of all aspects of the CVC ecosystem by some groups, including those in Palestine.

The move has received bipartisan support in the United States, with more than a hundred lawmakers from both parties expressing concerns about how some groups are raising millions of dollars through cryptocurrency.

In an op-ed published in The Wall Street Journal, Warren argued that ‘decentralized finance’ companies should be subject to the same anti-money laundering rules as banks.

*This is not investment advice.