A recent FBI announcement urging Americans not to use unlicensed money-transmitting services misses “a great deal of nuance” about how crypto services operate, says Piper Alderman Partner Michael Bacina.
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.
The Federal Bureau of Investigation (FBI) has made a notice warning the public to avoid using cryptocurrency money-transmitting services that are not registered as Money Services Businesses (MSBs) with the Financial Crimes Enforcement Network (FinCEN) in the United States. This warning highlights the legal and financial risks that are linked with the use of non-compliant
The FBI says crypto money transmitting services that purposely break the law or knowingly facilitate illegal transactions will be investigated.
The FBI also included an official tool from FinCEN to let users look up if a company is registered as a Money Services Business.
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