FinCEN Withdraws Proposed Crypto Travel Rule Expansion in Separate November Move

TL;DR: FinCEN and the Federal Reserve are withdrawing a proposed expansion of US recordkeeping and Travel Rule requirements that would have covered certain convertible virtual currency transfers and lowered a cross-border transfer threshold. The withdrawal removes a proposal; it does not cancel existing anti-money-laundering obligations. Two announcements issued by the same US agency on November 6 point in different regulatory directions. While FinCEN imposed a targeted financial restriction on MEXC Global, it also announced that it was withdrawing a previously proposed update to the Recordkeeping and Travel Rule for funds transfers. According to FinCEN’s release , the proposal would have amended requirements relating to convertible virtual currencies and certain digital assets. It would also have lowered a threshold for transfers beginning or ending outside the United States.

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