FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUES PROPOSED RULE: PROPOSAL OF SPECIAL MEASURE REGARDING CONVERTIBLE VIRTUAL CURRENCY MIXING, AS A CLASS OF TRANSACTIONS OF PRIMARY MONEY LAUNDERING CONCERN; WITHDRAWAL

WASHINGTON, Oct. 6 -- Financial Crimes Enforcement Network has issued a proposed rule called: Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern; Withdrawal.

The proposed rule was published in the Federal Register on Oct. 6 by Jimmy L. Kirby, Deputy Director, Financial Crimes Enforcement Network.

Summary: 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 cla...