#Coinbase, #CryptocurrencyExchange, #CryptoMixers, #Blockchain, #FinancialPrivacy, #FinCEN, #CryptoTransactions, #CryptoRegulations
Cryptocurrency exchange Coinbase has challenged the assertion that cryptocurrency mixing services, or crypto mixers, are exclusively used for illegal activities. A report from the exchange states that it does not believe this assumption is an effective regulatory measure due to two significant reasons.
In a letter to the United States Financial Crimes Enforcement Network (FinCEN), Coinbase contested the idea that crypto mixers were only used for illegal activities. It further argued that the regulator only superficially addressed the benefits of this service, ignoring that the volume of illicit money passed through mixing services in 2022 was minimal in comparison to legitimate transactions. The report underlines that these services have legitimate use cases, particularly for individuals seeking privacy in their transactions – an attribute that should not inherently be seen as suspicious or illicit. Coinbase suggests instead that regulators should help crypto exchanges be more effective in identifying suspicious behavior among crypto mixer users, rather than viewing all users as potential law violators.
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