SHOMEDIAOn November 6, the US Financial Crimes Enforcement Network and the Federal Reserve withdrew a 2020 proposal to expand recordkeeping and Travel Rule obligations for certain cross-border transfers. The proposal would have lowered the relevant threshold from $3,000 to $250 and explicitly covered convertible virtual currencies, according to FinCEN's announcement.
Withdrawal means this particular proposed rule will not be finalized in its published form. It does not repeal existing anti-money-laundering obligations, remove know-your-customer checks or create a blanket exemption for transfers below $250. Financial institutions and payment intermediaries must still follow applicable current rules.
The American Bankers Association reported that industry commenters raised concerns about compliance costs, particularly for smaller institutions. The agencies cited the volume and substance of public feedback and left open the possibility of further rulemaking after another opportunity for public comment.
Crypto payment firms and affiliate businesses should treat the decision as a regulatory proposal being withdrawn, not as a reason to loosen transaction controls. Current rules, banking partners' risk requirements and the location of each payment route still matter. The separate November 6 FinCEN action involving MEXC is unrelated to this proposed-rule withdrawal.
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