Nearly six years. That is how long the threat over American self-custody wallets sat on a desk in Washington.
FinCEN just killed it. The December 2020 proposal that would have forced banks and exchanges to report every self-custody transaction over $10,000, and keep records on anything above $3,000, is officially withdrawn. The 2023 mixer surveillance rule went with it. The agency said it will take no further action on either.
The honest read: this is a genuine win for self-custody in the US. Moving your coins to your own wallet stays a private act, no counterparty KYC layered on top of it. But it is not a free pass. Exchange AML duties are untouched, the Travel Rule still stands, and the EU is tightening in the opposite direction with its 2027 rules.
$BTC $ETH $BNB
FinCEN just killed it. The December 2020 proposal that would have forced banks and exchanges to report every self-custody transaction over $10,000, and keep records on anything above $3,000, is officially withdrawn. The 2023 mixer surveillance rule went with it. The agency said it will take no further action on either.
The honest read: this is a genuine win for self-custody in the US. Moving your coins to your own wallet stays a private act, no counterparty KYC layered on top of it. But it is not a free pass. Exchange AML duties are untouched, the Travel Rule still stands, and the EU is tightening in the opposite direction with its 2027 rules.
$BTC $ETH $BNB
