How payment information helps U.S. banks screen crypto risks

AI-assisted source summary · not independently verified. Content standards

The U.S. Treasury Department sanctioned 8 Canadian money services businesses, and FinCEN imposed a transfer prohibition on MEXC Global to limit its access to U.S. dollars and U.S. financial institutions. The prohibition will take effect 30 days after publication in the Federal Register; for relevant cross-border transfers of no less than $3,000, the Travel Rule requires intermediaries to transmit specified information about the originator and financial institution, while FinCEN and the Federal Reserve also withdrew their 2020 proposal to lower the recordkeeping threshold to $250.