The post U.S. DOJ Cracks Down on Samourai Wallet for Alleged Money Laundering appeared first on Coinpedia Fintech News
Samourai Wallet developers released a beta version in 2024 allowing atomic swaps of bitcoin/monero. This new feature streamlined secure swaps between BTC and XMR using the Tor network. This release came amidst government scrutiny of privacy coins and exchanges delisting them.
In October, FinCEN proposed new rules for crypto-mixing services. This was done to reduce money laundering risks. Also, starting from 30 Jan 2024, U.S. users would need to keep records. Following the beta version release, Samourai Wallet, Strike, and other firms urged FinCEN to drop its crypto-mixing rules proposal.
They argued the rules were too broad, interfered with lawful activities, and added unnecessary burdens to the industry. The companies also believed the data FinCEN wanted was already public. Hence, additional reporting was not necessary.
Read more: FinCEN Cracks Down on
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