Swan Bitcoin Terminates Accounts Using Crypto Mixer
Key Takeaways
- Swan Bitcoin is terminating accounts that interact with its cryptocurrency mixing service due to regulatory obligations.
- The policy change will impact a wide range of Bitcoin-related activities in line with the proposed FinCEN rules.
- Swan Bitcoin highlights the need for public education about Bitcoin in order to challenge and potentially modify these regulatory policies.
swan bitcoinis a Bitcoin (BTC) service platform. Customers have been warned about account termination related to cryptocurrency mixing services..
direct enforcement action Respond to regulatory requirements imposed by partner banks and Adapting to new responsibilities This was announced by the U.S. Financial Crimes Enforcement Network (FinCEN).
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Swan Bitcoin details the changes in a letter to customers and It is considered pursuant to the proposed FinCEN rule.Seeks to regulate transactions involving mixed services.
On November 12, Yan Pritzker, co-founder of Swan Bitcoin, said: Solved the problem for X. (formerly Twitter). Pritzker emphasized The company’s neutral stance on personal information mixing tools Although the emphasis is on services and The need for compliance Among banking partners.
Pritzker Criticized the proposed FinCEN rule for its broad scope., which covers a wide range of Bitcoin-related activities. He pointed out that the rules include restrictions on the use of one-time BTC addresses, mixing of funds, and programmable transactions like the Lightning Network.
Pritzker expressed concern about this. Negative portrayal of mixing services by financial regulators Often these services are associated with illegal activities.. He said the mixing service, commonly used to split large Bitcoin amounts into smaller units, with privacy in mind. unfairly stigmatized.
The stance of US regulators on cryptocurrency mixing services has become stricter due to sanctions and regulations. Legal action taken against creators of services such as Tornado Cash. Pritzker added:
We believe that mixing is normal, privacy is not a crime, and using unmixed Bitcoin is akin to taking your entire paycheck to the grocery store to pay for apples.
Swan Bitcoin not only notifies customers of policy changes, but also suggests ways to object to these policies. The company believes that educating the public about Bitcoin is an important step in this direction.
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