A proposed expansion will not move forward
The US Financial Crimes Enforcement Network announced on 6 November that it and the Federal Reserve were withdrawing a proposed rule concerning Recordkeeping and Travel Rule obligations. The proposal would have amended requirements for convertible virtual currency transactions and lowered the threshold for funds transfers and transmittals that begin or end outside the United States. Withdrawal means that specific proposal will not be finalized in its published form; it does not repeal existing Bank Secrecy Act obligations, customer-identification duties, sanctions controls or current Travel Rule requirements. FinCEN's short announcement does not replace the formal Federal Register withdrawal or provide a new compliance framework. Digital-asset platforms, payment firms and cross-border merchants should therefore distinguish between avoiding a proposed expansion and receiving relief from rules already in force.
What it means for merchants
US-facing payment and digital-asset businesses should remove the withdrawn proposal from future-change plans but retain current transaction-record, counterparty-data and escalation controls until counsel confirms which existing thresholds apply to each flow.
Read the original announcement
Financial Crimes Enforcement Network · 6 Nov 2026This brief summarizes the linked primary source. Claims and reported figures have not been independently audited by Payment Guide.