FinCEN Withdraws Proposed Rule on CVC Mixing as Primary Money Laundering Concern

FinCEN is withdrawing its finding and proposed rulemaking, pursuant to section 311 of the USA PATRIOT Act, that international Convertible Virtual Currency (CVC) mixing is a class of transactions of primary money laundering concern and that a special measure requiring enhanced recordkeeping and reporting requirements should be imposed regarding this class of transactions.

FinCEN is withdrawing its finding that international CVC Mixing is a class of transactions of primary laundering concern, and the proposed rule, published on October 23, 2023, seeking to impose special measure one regarding international CVC Mixing.

FinCEN is withdrawing its finding that international CVC Mixing is a class of transactions of primary laundering concern, and the proposed rule, published on October 23, 2023, seeking to impose special measure one regarding international CVC Mixing.

FinCEN proposed a definition for services called “CVC Mixers” as “any person, group, service, code, tool, or function that facilitates CVC mixing.”

FinCEN is withdrawing its finding and proposed rulemaking, pursuant to section 311 of the USA PATRIOT Act, that international Convertible Virtual Currency (CVC) mixing is a class of transactions of primary money laundering concern and that a special measure requiring enhanced recordkeeping and reporting requirements should be imposed regarding this class of transactions.

FinCEN is withdrawing the proposed rulemaking published at 88 FR 72701 (October 23, 2023), as of October 6, 2026.

Under the proposed rule, FinCEN defined the term “CVC Mixing” as activity that entailed the facilitation of CVC transactions in a manner that obfuscates the source, destination, or amount involved in one or more transactions regardless of the type of protocol or service used

The authority of the Secretary to administer the Bank Secrecy Act (BSA) [5] ( printed page 63514) and its implementing regulations, including the authority under section 311 to make such a finding and to impose special measures, has been delegated to FinCEN.[6]