FBI Issues Warning: Avoid Unregistered Cryptocurrency Transfer Services

IconCrypto News Terminal25 Apr, 2024

cryptonews.jpg

FBI Issues Warning: Avoid Unregistered Cryptocurrency Transfer Services

The FBI has issued a warning to consumers, urging them to refrain from using cryptocurrency transfer services that are not registered with the Financial Crimes Enforcement Network (FinCEN). According to a statement released by the FBI's Internet Crime Complaint Center (IC3), consumers should avoid cryptocurrency money transmitting services that do not require customers to go through Know-Your-Customer (KYC) procedures, which typically involve collecting information such as name, date of birth, and address. The FBI recommends using FinCEN's MSB Locator Tool to verify a company's registration status as a Money Services Business (MSB). Previously on 25 April 2024, the FBI cautioned against the use of cryptocurrency transfer services that lack FinCEN registration, highlighting the importance of KYC procedures for consumer protection.

Related News