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Ongoing conflicts in the Middle East have given a significant advantage to US crypto skeptics, prompting them to take action. Just hours ago, we shared the details of the letter sent by 104 politicians to officials under the leadership of Senator Warren. Now, according to a report by WSJ, the US Treasury is preparing to take action. But why?
<h2 style="text-align: justify" id="us-treasury-and-crypto-mixers">US Treasury and Crypto Mixers</h2>
<a href="https://en.coin-turk.com/bitcoin-price-movement-and-its-relationship-with-institutional-investors/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> price quickly dropped below $28,500 from $28,800. Powell’s statements were not as soft-toned as expected. However, the drop and the WSJ report came at the same time. According to The Wall Street Journal, the Treasury Department is taking action against crypto mixers due to their use by Hamas and others.
<img decoding="async" class="wp-image-268333 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/ABD-Hazine-Bakanligi.png" alt="" width="808" height="403">
According to the recent report, US Deputy Treasury Secretary Wally Adeyemo said the following:
<blockquote>
 “Today’s action demonstrates the Treasury’s approach to crypto mixers used by a wide range of illegal actors, including cybercriminals and terrorist groups. In a broader sense, the Treasury Department is combating crypto mixers used by similar groups, including Hamas and the Palestinian Islamic Jihad.”
</blockquote>
<a href="https://en.coin-turk.com/bitcoin-price-analysis-current-outlook-and-expert-predictions-in-october-2023/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> mixers allow funds to easily fall into the hands of criminals by hiding the recipient. For example, funds sent to X crypto mixer can easily be liquidated through OTC or exchanges. Crypto mixers are not only used by criminals but also serve as an important tool for journalists, politicians, or those who prioritize privacy. We previously shared detailed comments on this matter during the Tornado Cash sanctions era.
<h2 style="text-align: justify" id="crypto-and-illicit-income">Crypto and Illicit Income</h2>
Elizabeth Warren sent a letter to the Biden administration on Tuesday, receiving support from both Democrats and Republicans. This letter included questions about how groups like Hamas are funded with crypto. It also expressed the concerns of 104 politicians.
The letter stated:
<blockquote>
 “As Congress considers legislation designed to reduce money laundering and illegal financial risks, we urge you to take swift action to significantly reduce illegal crypto activities and protect our national security and the security of our allies.”
</blockquote>
Yaya Fanusie, the director of combating money laundering at the Crypto Council for Innovation, said:
<blockquote>
 “Exchanges and other financial intermediaries in the US are money services businesses (MSBs) under the BSA regulations and are required to register with FinCEN and report suspicious activities that could potentially be indicators of crime. This means that these exchanges perform AML/KYC checks and sanction screening on all customers.”
</blockquote>
Chainalysis, on the other hand, stated that the amount of crypto funds going to groups identified as terrorist organizations by the US is exaggerated. Continue Reading: <a href="https://en.coin-turk.com/us-treasury-takes-action-on-crypto-mixers-amid-ongoing-middle-east-conflicts/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/us-treasury-takes-action-on-crypto-mixers-amid-ongoing-middle-east-conflicts/</a>

US Treasury Takes Action on Crypto Mixers Amid Ongoing Middle East Conflicts

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