The Federal Bureau of Investigation (FBI) issued a public service announcement today, warning Americans against using unregistered, non-know-your-customer (KYC) crypto money transfer services.
JUST IN: 🇺🇸 FBI warns Americans against using “Know Your Customer” (non-KYC) policy. #Bitcoin And encrypted money transfer services. pic.twitter.com/BkSuG6MiCE
– Bitcoin Magazine (@BitcoinMagazine) April 25, 2024
This announcement, identified by alert number I-042524-PSA, urged Americans to only deal with registered financial services businesses (MSBs) that comply with anti-money laundering (AML) regulations.
According to US federal law, cryptocurrency money transfer services must be registered as MSBs and adhere to anti-money laundering requirements (31 USC § 5330; 31 CFR §§ 1010; 1022). FBI He says Failure to comply may lead to financial disruptions during law enforcement proceedings, especially if the funds are commingled with illegally obtained funds.
The warning explained that services that intentionally facilitate illegal transactions or violate federal laws are subject to investigation by law enforcement agencies, and that individuals who use these services may lose access to their funds during enforcement operations.
Just yesterday, the US Department of Justice (DOJ) arrested the founders and CEO of popular privacy-focused Bitcoin wallet and mixer, Samourai Wallet, and charged them with laundering “over $100 million in criminal proceeds.” The Department of Justice then worked with law enforcement in Portugal and Iceland to arrest one of the founders, seizing Samourai's web servers and domain, as well as serving a seizure warrant on the Google Play Store for its mobile app.
