TL;DR: FinCEN and the Federal Reserve are withdrawing a proposed expansion of US recordkeeping and Travel Rule requirements that would have covered certain convertible virtual currency transfers and lowered a cross-border transfer threshold. The withdrawal removes a proposal; it does not cancel existing anti-money-laundering obligations.

Two announcements issued by the same US agency on November 6 point in different regulatory directions. While FinCEN imposed a targeted financial restriction on MEXC Global, it also announced that it was withdrawing a previously proposed update to the Recordkeeping and Travel Rule for funds transfers.

According to FinCEN’s release, the proposal would have amended requirements relating to convertible…