Swan Bitcoin, a Bitcoin (BTC) exchange platform, announced that it will terminate the accounts of users who directly interact with mixing services.
Swan Bitcoin Will Terminate Accounts That Interact with Bitcoin (BTC) Mixing Services
The company explained that this was due to pressure from banking institutions after the Financial Crimes Enforcement Network (FinCEN) introduced a proposal to increase bookkeeping requirements on these transactions.
Swan Bitcoin, a California-based Bitcoin services platform, recently announced a change to its policies regarding mixing services.
The company sent a letter to its customers stating that from now on, accounts that directly interact with transactions coming from or going to cryptocurrency mixing services are at risk of termination.
Commenting on the matter, Yan Pritzker, co-founder and CTO of Swan Bitcoin, stated that although the company itself has a clear policy of allowing cryptocurrency mixing as a privacy service, there is no way to acquire customers with fiat without connecting with qualified custodians and banks .
The company prefers to avoid risks altogether instead of conducting research studies.
*This is not investment advice.