The FBI advised US citizens against using unregistered crypto services to transmit assets on April 25.
The agency’s warning stated that users should avoid crypto money transmitting services that are not registered as Money Services Businesses (MSBs) under US federal law.
Individuals should also avoid services that fail to comply with anti-money laundering (AML) requirements and do not collect know-your-customer (KYC) information.
Users should check whether a service is registered as an MSB with the US Treasury’s Financial Crimes Enforcement Network (FinCEN). However, even registration is not a government “recommendation, certification of legitimacy, or endorsement,” per the notice.
Third-party listings likewise do not represent government approval, as an app is not necessarily a legal service simply because it is listed on an app store.
Users are at risk because they could experience “financial disruptions” or loss of funds when authorities carry out enforcement efforts. Th
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