FBI Issues Warning Against Unregistered Crypto Money Transmitting Services

The FBI is warning American citizens to avoid using unregistered crypto money transmitting services that do not comply with federal law and anti-money laundering regulations.

In a statement released on Thursday, the FBI’s Internet Crime Complaint Center (IC3) advised individuals to take precautionary measures and stay away from unregistered Money Services Businesses (MSBs).

They also recommended avoiding cryptocurrency services that do not collect KYC information from customers, such as name, date of birth, and address.

To ensure compliance and avoid potential risks, the FBI advised users to check if a business is registered as a Money Services Business using the FinCEN tool.