The FBI has issued a stark warning against the use of unlicensed cryptocurrency transfer services, which could lead to significant financial losses. This alert particularly targets crypto platforms not registered as Money Services Businesses (MSB) and those not adhering to the U.S. anti-money laundering statutes.
The law enforcement’s vigilance increases around these unregistered entities as they are often exploited by criminals for transferring and laundering illicit funds. The FBI emphasized the risks in a recent statement on their Internet Crime Complaint Center, warning users that non-compliance by these services could lead to inaccessible funds if they become enforcement targets.
Users are urged to ensure any crypto transfer service is registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department. Additionally, they should be skeptical of services that skip mandatory Know Your Customer (KYC) requirements like identity verification. Just because a service is available in app stores does not guarantee its legality or compliance with federal regulations.
This warning follows the takedown of the Samourai wallet—a service involved in a crypto mixing scheme facilitating money laundering. Icelandic authorities have seized domain names and servers linked to Samourai, with further actions taken by the Google Play Store. The U.S. Department of Justice has also charged the platform’s founders for laundering over $100 million.
The FBI advises the public to exercise caution and conduct thorough checks before using any cryptocurrency services to avoid falling victim to similar illegal operations.
