Security News > 2024 > April > FBI warns against using unlicensed crypto transfer services
The FBI has warned today that using unlicensed cryptocurrency transfer services can result in financial loss if law enforcement takes down these platforms.
This announcement is aimed at crypto transfer platforms not registered as Money Services Businesses and non-compliant with anti-money laundering requirements as mandated by U.S. federal law.
Such cryptocurrency services are frequently targeted by law enforcement operations, particularly if criminals use them to transfer or launder funds acquired through unlawful means.
Avoiding using services that advertise themselves for illegal purposes.
The FBI's warning follows the recently announced takedown of Samourai, an illicit cryptocurrency transfer platform that also provided a crypto mixer service that allowed the laundering of funds sourced from criminal activity.
The U.S. Department of Justice also charged Keonne Rodriguez and William Lonergan Hill, the platform's founders and operators, for laundering over $100 million from various criminal enterprises through Samourai's crypto mixing services and collecting around $4.5 million in fees.