The U.S. Department of the Treasury is cracking down on crypto mixing services, which are used to obscure the source of funds in cryptocurrency transactions. While these services can have legitimate uses for privacy-conscious individuals, they are also frequently exploited by cybercriminals. The Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule to designate these services as a class of transactions of primary money laundering concern. This move would be the first time Section 311 of the Patriot Act is used against an entire class of transactions, rather than individual entities. Section 311 allows the Treasury to cut off banking privileges from targeted entities, severely impacting their financial operations. The aim is to combat the illicit use of cryptocurrency and prevent the flow of funds to ransomware operators and other criminals.

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Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	1
People	Andrea Gacki
Companies	FinCEN, U.S. Department of the Treasury, Tornado Cash, Axie Infinity Heist, Bitzlato
Currencies	None
Securities	None