U.S. authorities are ramping up measures against virtual currency mixers in the country’s ongoing fight against using crypto to fund terror groups and cybercrime.
On Oct. 19, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) put forth a notice of proposed rulemaking (NPRM) aimed at casting a spotlight on the murky world of international convertible virtual currency mixing (CVC), more commonly known as crypto mixers or tumblers.
The measure pinpoints CVC mixing as a primary hub for money laundering and terrorist financing, reflecting the risks associated with the worldwide exploitation of these services by various bad actors.
Additionally, it comes as the U.S. and Israel are stepping up efforts to limit the transfer of crypto to groups like Hamas, which on Oct. 7 launched a brutal attack on Israel that resulted in the loss of hundreds of lives.
Crypto comes under scrutiny
Following the attack, the role of cryptocurrencies in funding terrorist groups has come under greater scrutiny. According to blockchain analysis firm Elliptic, the Palestinian Islamic Jihad, a sanctioned Middle Eastern paramilitary group, has raised about $94 million in crypto in the last few years.
On its part, Israel claims it has seized several crypto wallets allegedly belonging to Hamas that had received more than $40 million in four years.
However, an Oct. 18
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Author: Julius Mutunkei
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