The US Federal Bureau of Investigation (FBI) is indifferent to Americans cryptocurrency issued a warning about the risks associated with using transfer services. The warning was issued Thursday in a statement from the FBI’s Internet Crime Complaint Center (IC3).
The FBI advises Americans to avoid using cryptocurrency services from firms that are not registered as Money Services Businesses (MSBs) under federal law and do not comply with anti-money laundering rules.
The statement emphasizes that “a few simple steps can prevent the unintentional use of non-compliant services.” For example, the FBI recommends avoiding cryptocurrency money transfer services that do not collect Know Your Customer (KYC) information from customers when required.
The FBI also recommends that users verify whether a business is registered as a Money Services Business by using a tool from the U.S. Financial Crimes Enforcement Network (FinCEN).
The FBI statement also reveals that the agency has recently conducted law enforcement operations against cryptocurrency services that are not licensed in accordance with federal law. It warns that people using unlicensed cryptocurrency transfer services may face financial disruptions during law enforcement actions, especially if cryptocurrencies are mixed with illegally obtained funds.
Additionally, the FBI warns users not to use crypto services that do not require KYC information such as name or address before allowing them to send or receive cryptocurrency. He adds that apps available on an app store may not comply with federal compliance requirements or facilitate legal services.
The FBI concludes its statement with a stern warning: “Cryptocurrency sending services that knowingly break the law or knowingly facilitate illegal transactions will be investigated by law enforcement. “Using a service that does not comply with its legal obligations may put you at risk of losing access to funds after law enforcement targets these businesses.”
*This is not investment advice.
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