Risks of Using Unregistered Crypto Money Transmitting Services

Updated: 26 April 2024

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The Federal Bureau of Investigation (FBI) has issued a caution to Americans regarding the use of crypto services that are not registered as Money Services Businesses (MSBs) under federal regulations. In a statement released by the FBI’s Internet Crime Complaint Center (IC3) on Thursday, it was emphasized that such services often fail to adhere to anti-money laundering protocols.

Risks and Guidelines for Using Unregistered Crypto Services

It is advised that individuals should verify whether a crypto service is registered as an MSB through a tool provided by the U.S. Financial Crimes Enforcement Network (FinCEN). Usage of the FinCEN tool revealed that registered firms include notable names like Coinbase and Kraken, the latter operating under the name Payward Financial Inc.

The importance of compliance with Know Your Customer (KYC) regulations was also highlighted. KYC requirements typically encompass the provision of personal details such as name, date of birth, and address. The FBI strongly advises against using any crypto money transmitting services that do not request this information as part of their customer intake process.

Further, the FBI warned about potential legal repercussions for those who engage with unlicensed crypto services. The statement noted recent law enforcement actions targeting non-compliant cryptocurrency services. Users of these services face risks such as financial disruptions, particularly if their assets are mixed with funds from illicit sources.

Moreover, the FBI cautioned users against relying on mobile apps from app stores that offer crypto services, as they may not always comply with federal regulations or be legally authorized to operate. The agency stressed that cryptocurrency services that intentionally violate the law or facilitate illegal transactions are subject to investigation and legal action.

Using services that fail to meet legal standards could lead to significant consequences, including the loss of access to funds following law enforcement interventions. The FBI has encouraged Americans to take simple steps to avoid inadvertent use of non-compliant services, thereby protecting themselves from potential legal and financial hardships.

JUST IN: 🇺🇸 The FBI has issued a warning to Americans about using non-KYC compliant #Bitcoin and #crypto money transmitting services.

Seems like the days of unrestricted money movement could be getting tighter! pic.twitter.com/sl7INy5hs1

— Thomas Kralow (@TKralow) April 26, 2024

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