FBI Cautions on Non-KYC Bitcoin Transmissions

The FBI warns against the use of unregistered Bitcoin money transmitting services lacking KYC compliance.
FBI Cautions on Non-KYC Bitcoin Transmissions
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Key Takeaways

  • FBI issued an alert on the use of unregistered, non-KYC Bitcoin services.
  • Legal compliance for money transmitters includes AML (anti-money laundering) regulations.
  • DOJ recently seized assets of Samourai Wallet for alleged money laundering.

The FBI has released a public service announcement, Alert Number I-042524-PSA.

It emphasizes the risks associated with using non-KYC and unregistered cryptocurrency money transmitting services.

Cryptocurrency money transmitters in the U.S. must register as Money Services Businesses and adhere to anti-money laundering standards.

The FBI warns that non-compliance could lead to financial disruptions, especially if involved in illegal transactions.

Recent enforcement actions

Recently, the DOJ arrested founders of Samourai Wallet, accusing them of laundering over $100 million.

This action included seizing web servers and issuing a warrant for the app on Google Play.

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