The Federal Bureau of Investigation (FBI) has made a notice warning the public to avoid using cryptocurrency money-transmitting services that are not registered as Money Services Businesses (MSBs) with the Financial Crimes Enforcement Network (FinCEN) in the United States.
This warning highlights the legal and financial risks that are linked with the use of non-compliant platforms, in particular, those that do not follow the anti-money laundering (AML) standards and Know Your Customer (KYC) rules.
Legal and Financial Risks Highlighted
In their statement, the FBI included the importance of confirming the registration status of any cryptocurrency service provider. They claim that the use of unregistered services can cause major disruptions, particularly in law enforcement attacks on such platforms. The people using such services are at risk of being unable to access their funds if the services are shut down as a result of illegal activities. The FBI has introduced a tool developed by Fi
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