The Federal Bureau of Investigation (FBI) said on Thursday that Americans should not use cryptocurrency transfer services provided by companies that are not registered as money service businesses (MSBs) under federal law.
At the same time, the FBI also recommended that users use the tools of the US Financial Crimes Enforcement Network (FinCEN) to check whether a business is registered as a money service business. In addition, the FBI also warned users not to use crypto services that do not require KYC information before allowing the sending or acquisition of cryptocurrency. It added that applications in the app store may not necessarily follow federal compliance requirements or promote legal services.
The statement said: "The FBI recently conducted enforcement actions against cryptocurrency services that were not licensed under federal law. People who use unlicensed cryptocurrency transfer services may experience financial disruptions during enforcement actions, especially if their cryptocurrency is mixed with funds obtained through illegal means. Cryptocurrency transfer services that intentionally violate the law or knowingly facilitate illegal transactions will be investigated by law enforcement. Using services that do not comply with legal obligations may put you at risk of losing access to funds after law enforcement conducts actions against these businesses." (The Block)