FBI warns about use of bitcoin on platforms without KYC

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Key facts: The office recalls that police have intervened in cryptocurrency services. KYC can fully identify a person, to the detriment of their privacy. The US Federal Bureau of Investigation (FBI) today launched an alert to bitcoin (BTC) and cryptocurrency users, recommending them avoid using platforms or services that do not have the know-your-customer (KYC) protocol. ). In a public service announcement released on April 25, the FBI indicated that cryptocurrency services or platforms that do not comply with “legal obligations” in the United States can “put people at risk” and are at risk of losing their funds. , especially if entities like the FBI intervene and raid these companies. In this way, the FBI remembers that they have participated in police operations to intervene in bitcoin and cryptocurrency companies. “who were not licensed under federal law.”

“Individuals who use unlicensed cryptocurrency money transmission services may suffer financial disruption during law enforcement actions, especially if their cryptocurrency is mixed with funds obtained through illegal means,” the FBI argues. Likewise, the FBI stated that US authorities “will investigate cryptocurrency money transmission services that intentionally violate the law or deliberately facilitate illegal transactions.” The FBI alert comes a day after it became known that that office collaborated in the Samourai Wallet intervention, one of the bitcoin wallets that most preserves the privacy of its users. As reported by BitcoinDynamic on Wednesday, April 24, US authorities, including the FBI, The founders of that BTC wallet were arrested. This on the grounds that they conspired to enable money laundering and to operate an unauthorized money transmission service. The FBI has also participated in other operations that have targeted BTC companies and cryptocurrencies. For example, in August 2023, it was learned that this office participated in the confiscation of USD 2 million in digital assets.

The FBI wants to know everything about bitcoiners

As part of its narrative, the FBI offered advice to cryptocurrency users to “protect themselves.” For exampleuse a service that is regulated by the United States.

Likewise, they insist that users do not opt ​​for platforms that do not request names, dates of birth, addresses, location, financial movements, among other personal data. The FBI also urges people to understand that if a cryptocurrency app is in a store, “it does not necessarily mean that it is a legal service and meets federal requirements.” The FBI's alert on the use of platforms without KYC is contrary to the fundamentals of bitcoiners, who have publicly expressed their refusal to register their identities and other data, because That is detrimental to your privacy.

Added to this is that the KYC procedure, required of companies that offer services with cryptocurrencies, is not infallible to combat money laundering. Furthermore, it has been demonstrated that There are ways to get around it. An example is artificial intelligence, a technology that has been used to create false identifications that, in the end, end up being recognized as true by these protocols, which abound in centralized bitcoin exchanges.