EddieJayonCrypto
23 Jan 24
Coinbase rejects the notion that cryptocurrency mixing services are only used for illegal activities, arguing that they have legitimate use cases for people wanting privacy over their transactions. The exchange also suggests that the regulator assists crypto exchanges in identifying suspicious behav...
**Summary** Cryptocurrency exchange Coinbase challenges the notion that cryptocurrency mixing services are exclusively employed for illegal activities, emphasizing their numerous beneficial use cases in society. In a letter to the United States Financial Crimes Enforcement Network, Coinbase rejects the notion that crypto mixers are solely employed for illegal activities. The exchange suggests that regulations proposed by FinCEN would undergo a 90-day commentary period before potentially coming into play, and proposes that the regulator assists crypto exchanges in identifying suspicious behavior on those using CVC mixers, rather than increasing the scrutiny on all users of mixing services. Coinbase stresses that crypto mixers have legitimate use cases for people wanting privacy over their transactions, drawing attention to the fact that the majority of CVC sent to mixing services in 2022 came from legitimate sources.
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