Federal Register #2026-20429

FinCEN Withdraws Proposed Rule on International CVC Mixing

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is withdrawing a proposed rule concerning international convertible virtual currency (CVC) mixing. - Government agency: U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN). - Action: FinCEN is withdrawing its finding that international CVC mixing is a class of transactions of primary money laundering concern, along with the related proposed rulemaking. - What the proposal would have required: Covered financial institutions would have collected and reported information about certain CVC-mixing transactions and maintained customer identity records. - Reason for withdrawal: FinCEN cited concerns that the broad definition of CVC mixing could affect legitimate activity and create substantial reporting burdens. - Procurement scope: No products, services, quantities, OEMs, or vendors are requested; this is a regulatory notice, not a procurement opportunity.

Description

FinCEN is withdrawing its finding and proposed rulemaking that international convertible virtual currency (CVC) mixing is a class of transactions of primary money laundering concern. The withdrawn proposal would have imposed enhanced recordkeeping and reporting requirements on covered financial institutions for certain CVC-mixing transactions, including reporting transaction and customer information. FinCEN states that the withdrawal is effective October 6, 2026, and that it will continue to monitor CVC mixer activity for potential illicit finance.

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