On 6 October 2026, FinCEN published two withdrawals in the Federal Register. FR Doc. 2026-20429 (91 FR 63513) withdraws the October 2023 section 311 finding and proposed rule that named international convertible virtual currency mixing a class of transactions of primary money laundering concern, with enhanced recordkeeping and reporting for covered US institutions. FR Doc. 2026-20430 (91 FR 63514) withdraws the December 2020 proposal that would have required banks and money services businesses to report unhosted-wallet transactions above $10,000 and to keep records and verify identity above $3,000. FinCEN says it will take no further action on it.
As a result, no mixing-specific reporting duty and no new identity threshold for transfers to self-hosted wallets will be imposed. Existing Bank Secrecy Act obligations, including suspicious activity reporting, are unchanged.
Sources:
https://www.federalregister.gov/documen ... ansactions
https://www.federalregister.gov/documen ... tal-assets
FinCEN withdraws its 2023 crypto-mixing proposal and its 2020 unhosted-wallet proposal
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