FBI warns about unregistered cryptocurrency money transfer services
The FBI has issued an alert advising Americans not to use unregistered cryptocurrency money transfer services that do not adhere to Know Your Customer (KYC) regulations. They stressed the importance of only working with registered Money Services Businesses (MSBs) that comply with Anti-Money Laundering (AML) standards.
The notice points out that non-compliant services can lead to financial complications during legal proceedings, especially when they are related to illegally acquired funds.
Risks for users of unregulated services
The alert highlighted that services that knowingly engage in illegal transactions or violate federal regulations may be subject to investigation and action by law enforcement. Users of such services may also risk losing access to their funds during these operations.
Previous enforcement measures and arrests
This warning comes following recent enforcement actions in which the US Department of Justice arrested key individuals associated with a well-known privacy-oriented Bitcoin wallet, accusing them of laundering over $100 million. This operation involved international cooperation and resulted in the seizure of web servers, domain and associated app from the Google Play Store.
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