The FBI urged not to use crypto services without a KYC system to avoid loss of funds

FBI officials issued a statement warning citizens against using crypto services to transfer money that do not comply with Anti-Money Laundering (AML) requirements and are not registered as Money Services Businesses (MSB). Funds on such services may be blocked as a result of law enforcement actions.

The bureau noted that even unintentional use of such services can lead to “financial problems”, since funds stored on them can be seized by the authorities due to connections with criminal activity. Officials noted that the lack of a customer identification system (KYC) will make it possible to identify risky services.

They stressed that you should not use services that do not ask for name, date of birth, address and ID before allowing you to send or receive money or cryptocurrency.