The FBI does NOT want you to use KYC-free services.

[NotATether]

https://www.ic3.gov/Media/Y2024/PSA240425

Anyway, I would like to place my own "alert" here:


Alert on Fiat Money Services Businesses

The Legion of Bitcointalkers warn all Bitcoiners against using fiat money transmitting services that are not registered as Money Services Businesses (MSB) according to United States federal law (31 U.S.C. § 5330; 31 CFR §§ 1010; 1022) and claim to adhere to anti-money laundering requirements. A few simple steps can prevent intentional withholding of your funds. For example, avoid financial money institutions that collect know your customer (KYC) information from customers when not required.

MSB REGISTRATION

The FBI has scarcely conducted law enforcement operations against fiat money institutions which were insolvent in disccordance with federal law. People who use unlicensed fiat money institutions may encounter financial disruptions as a result of a lack of law enforcement actions, regardless of if their money is intermingled with funds obtained through illegal means.

RISKY SERVICES
Fiat money transmitting services that purposely break the law or knowingly facilitate illegal transactions will not be investigated by law enforcement. Using a service that does not comply with its legal obligations may put you at risk of losing access to funds since law enforcement operations don't target those businesses.

TIPS TO PROTECT YOURSELF

• Before using a money transmitting service, check whether it is registered as an MSB with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN). FinCEN provides a website where anyone can check whether a company is registered: https://www.fincen.gov/msb-state-selector
  
  • However, the inclusion of a business on the MSB Registrant Search web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.
• Beware of financial services that ask for KYC information including name, date of birth, address, and ID before allowing you to send or receive money or cryptocurrency.
• Understand that just because an app can be found in an app store does not necessarily mean it is an illegal service and is not complying with federal requirements.
• Avoid using services that advertise themselves for illegal purposes.
• Be cautious when using cryptocurrency services known to be used by criminals to launder their funds.

The Legion of Bitcointalkers requests victims report fraudulent or suspicious activities to the Scam Accusations board at https://bitcointalk.org/index.php?board=83.0.

Yes, I am taking the piss here, but do you really think these guys will let you use an exchange that is not an American public company like Coinbase and Kraken?

[1715211648]

1715211648

[Apocollapse]

I can't even find coinbase in their system, but I found other big exchanges e.g. binance.us, kraken, gemini etc, is Coinbase illegal?

The good thing that I'm not an American, so I wouldn't worry about this news, but obviously this would make other countries to tightening their regulations and force people to use their own local exchanges.



Since this forum is in US jurisdiction, we might hear an update in near future from theymos...

Bitcointalk.org is in US jurisdiction, and is subject to US subpoenas, wiretap orders, preservation orders (which would negate the above retention rules), and similar. Furthermore, our service providers could also be subject to similar orders without our knowledge. Note that we consider PMs to require a warrant in order to be released.

[NotATether]

I can't even find coinbase in their system, but I found other big exchanges e.g. binance.us, kraken, gemini etc, is Coinbase illegal?

The good thing that I'm not an American, so I wouldn't worry about this news, but obviously this would make other countries to tightening their regulations and force people to use their own local exchanges.

Why is Binance.us on the list when the SEC had already issued a warning that it is shady?

Oh yeah it has a "money service business" license or whatever, does not make it more safe one bit.

I find it quite ironic that USA is trying to put CZ in jail and then say that his exchange is safe, and non-KYC exchanges aren't.

[MeGold666]

Binance is a scam exchange, they manipulate prices, sell paper-coins (non-existent) and then say network has a "congestion" or other excuse when more people are trying to withdraw.

Hopefully all centralized exchanges (which are becoming banks due to people holding their money there) go down in the wake of decentralized ones that are finally seeing the light of day.

We suppose to use it Peer-to-Peer, not Peer-to-CEX-to-Peer.

[Ambatman]

I can't even find coinbase in their system, but I found other big exchanges e.g. binance.us, kraken, gemini etc, is Coinbase illegal?

The good thing that I'm not an American, so I wouldn't worry about this news, but obviously this would make other countries to tightening their regulations and force people to use their own local exchanges.

Very unlikely
There are many users here that wouldn't sacrifice their security and privacy for anything.
KYC especially in centralized exchange beats the need for Bitcoin
If we all going to do KYC, why still use something that promotes freedom and privacy.

Coinbase is not registered in their SEC and am surprised Binance was even listed there.

Hopefully all centralized exchanges (which are becoming banks due to people holding their money there) go down in the wake of decentralized ones that are finally seeing the light of day.

We suppose to use it Peer-to-Peer, not Peer-to-CEX-to-Peer.

I doubt it would anytime soon. The government are advocating for KYC with the reason to prevent money laundering
Or terrorism funding.
It would affect the market Big time if CEX falls
It would be like breaking up from a toxic relationship
Hurts in the time period but the best in the long run.
But I would be Happy if decentralized platform becomes mainstay.
 

I find it quite ironic that USA is trying to put CZ in jail and then say that his exchange is safe, and non-KYC exchanges aren't.

They playing the card of business as a legal entity
Binance and CZ are separate entities that would be their argument.
About Non KYC not been safe
The government would never believe something they have no control or access to their data as been safe.
Is like to them the citizens are not ready to be truly free.

[MeGold666]

The government would never believe something they have no control or access to their data as been safe.
Is like to them the citizens are not ready to be truly free.

Government (whatever country) don't want us to be free, freedom = power, which means less power to them and all they want is more power to the point of us being nothing but obedient slaves.

Let's not forget terrorists are a product of the government who decided to join wars and kill people in places far from their own.

If your family was killed by US army or different army, wouldn't you seek revenge ? that's how terrorists are made, no one wakes up and while drinking morning coffee with his family decides to go to a different country and blow himself up.

Government reminds of some firefighters who put fire when there is no fire just to stay relevant and earn money.

It was never about our safety, it was always about power.

[Z390]

When Nakamoto said that he moved unto the next, I hope he is referring to a real decentralized crypto market system, the only thing that crypto space is lacking right now is a way to buy and sell Bitcoin without the need for centralized entities.

This is just a dream though but imagine a decentralized decentralized blockchain project that only knows how to swap your Bitcoin to others without any third-party interference, or is there any? Honestly, people shouldn't be using centralized exchanges to trade their BTC but it is a shame that only centralized exchanges have the required features, for traders especially.

Till today there isn't a decentralized exchange that packs everything that a CEX has in store, the difference is still significant, without the help of Mixers and other privacy ways there should have been a better solution right now.

[stompix]

The FBI does NOT want you to use KYC-free services.

Slight correction, they don't want  Americans to sue companies that are not registered in the US as MSB.

They couldn't care less what a guy from Nigeria is using to buy some meme coins, they want money from the US to stay in the US, and now, let's be real, what would you expect, every country thinks about capital outflow, do you think that is Salvador would see money getting out of the country and not inside via Bitcoin they wouldn't do the same?
The only surprise here would be if this is the first warning, but I'm pretty sure they issued dozens of it, right?

I can't even find coinbase in their system, but I found other big exchanges e.g. binance.us, kraken, gemini etc, is Coinbase illegal?

Their registration names are not always the name of the exchange.
Kraken is Payward Ventures, they have the MSB on their page, same for the others.




 

[348Judah]

Alert on Fiat Money Services Businesses

The Legion of Bitcointalkers warn all Bitcoiners against using fiat money transmitting services that are not registered as Money Services Businesses (MSB) according to United States federal law (31 U.S.C. § 5330; 31 CFR §§ 1010; 1022) and claim to adhere to anti-money laundering requirements. A few simple steps can prevent intentional withholding of your funds. For example, avoid financial money institutions that collect know your customer (KYC) information from customers when not required.

Indirectly, this is talking more about banks, centralized exchanges and any other financial regulatory institution whereby the use of kyc is been required, it could have been more better if the government made it point blank and hit the nail on the head by the mention of bitcoin as the only financial currency which requires no kyc and we don't have to go for an alternative than this, what i don't understand is that same thing keeping the government from accepting the new era of a decentralized digital currency with bitcoin for adoption and as legal tender.

[MeGold666]

This is just a dream though but imagine a decentralized decentralized blockchain project that only knows how to swap your Bitcoin to others without any third-party interference, or is there any? Honestly, people shouldn't be using centralized exchanges to trade their BTC but it is a shame that only centralized exchanges have the required features, for traders especially.

Till today there isn't a decentralized exchange that packs everything that a CEX has in store, the difference is still significant, without the help of Mixers and other privacy ways there should have been a better solution right now.

Bisq and Haveno are projects to watch for, the first one is operating for some time now, the second just got it's 1.0 release ready to run.

From what I can see Bisq just launched it's second version currently in beta, looks nice but I'm more excited about Haveno because it suits my needs more.

[kryptqnick]

This is a warning only for US citizens, right? So it reflects sentiments of the US authorities. Also, an announcement is more of a recommendation and a few threats (it's not legally binding).
It's interesting that in the tips, they say that people should check whether a service is registered as an MSB, but then say that even if it is, it's "not a recommendation" and not "certification of legitimacy". They should get their tips right and sort things out before making announcements and writing tips.
I agree with NotATether that the list is weird, and the logic is obscure (considering Binance).

[NotATether]

Indirectly, this is talking more about banks, centralized exchanges and any other financial regulatory institution whereby the use of kyc is been required, it could have been more better if the government made it point blank and hit the nail on the head by the mention of bitcoin as the only financial currency which requires no kyc and we don't have to go for an alternative than this, what i don't understand is that same thing keeping the government from accepting the new era of a decentralized digital currency with bitcoin for adoption and as legal tender.

Speaking of banks, the feds would be very happy if you all just stored your Bitcoins on PayPal. I'm totally sure that there is no conflict of interest with family or associates owning some stake or securities of them or any other fiat money giant with crypto investment capabilities.

[dkbit98]

FTX exchange was regulated, ''safe'' KYC service right?  
And I can give many more examples from crypto space and outside.

They are not stopping there, and they are in coordinated attack against people for some time.
Another news coming from United Kingdom with UK Police and their National Crime Agency just gained new powers to seize crypto from everyone, and privacy coins for them are not ''conducive to the public good."
You just need to be a suspect and police will no longer be required to make an arrest before seizing crypto from you, that includes written passwords, words and usb sticks.

Greater powers for the National Crime Agency and police to seize, freeze and destroy cryptoassets used by criminals have come into force today.

https://www.gov.uk/government/news/new-powers-to-seize-cryptoassets-used-by-criminals-go-live

[NotATether]

Another news coming from United Kingdom with UK Police and their National Crime Agency just gained new powers to seize crypto from everyone, and privacy coins for them are not ''conducive to the public good."
You just need to be a suspect and police will no longer be required to make an arrest before seizing crypto from you, that includes written passwords, words and usb sticks.

It seems like they got inspiration from all the court dwabblings of conman Craig Wright and his Bitcoin SV's "asset confiscation" feature.

None of them really learn anything, do they.

[MeGold666]

You just need to be a suspect and police will no longer be required to make an arrest before seizing crypto from you, that includes written passwords, words and usb sticks.

Be sure to never have your seed words in plain text, encrypt them using what ever you think is enough and with a very good password that's easy to remember so you won't have to write it down.

Then copy it multiple times and hide it in different places, at least one which is not connected to you but safe enough to store.

Fully encrypted disk for your cold wallet machine and hot wallet machine, encrypt everything - because why not.

tl;dr; - Stay safe my friends, tyrants are coming.

[el kaka22]

These type of things always makes me giggle a bit. I mean why would they? Think about it, we are talking about a situation that is literally against why FBI was even established. You being in the crypto without telling anyone and not giving any information would go against everything FBI stands for, they are actually considering that as the most risky and dangerous thing that could ever happen.

So, these type of information doesn't really matter to us at all, we shouldn't be considering this news, in fact we should even consider this as something that is literally what we have as ordinary as it gets and assume as much without them showing their hand. This is of course just me, maybe some people held out hope about it and maybe hoped that it would be different but they did not shock us.

[MeGold666]

Think about it, we are talking about a situation that is literally against why FBI was even established. You being in the crypto without telling anyone and not giving any information would go against everything FBI stands for, they are actually considering that as the most risky and dangerous thing that could ever happen.

Today's FBI is not what it was when it was created, it's corrupted like the rest of the system.

People will always abuse power, that's why we need cryptocurrencies because we cannot trust anyone with our money.

[Ale88]

I can't even find coinbase in their system, but I found other big exchanges e.g. binance.us, kraken, gemini etc, is Coinbase illegal?

The good thing that I'm not an American, so I wouldn't worry about this news, but obviously this would make other countries to tightening their regulations and force people to use their own local exchanges.

Why is Binance.us on the list when the SEC had already issued a warning that it is shady?

Oh yeah it has a "money service business" license or whatever, does not make it more safe one bit.

I find it quite ironic that USA is trying to put CZ in jail and then say that his exchange is safe, and non-KYC exchanges aren't.

Correct me if I'm wrong, FTX had all the necessary permits, licenses, certifications, whatever you want to call it, they had it, and we all know what happened at the end. Being licensed is helpful but if someone wants to scam you, they are going to do it anyway, just like SBF did. I really find hard to trust any info about exchanges or cryptos in general coming from US institutions.

[MeGold666]

Correct me if I'm wrong, FTX had all the necessary permits, licenses, certifications, whatever you want to call it, they had it, and we all know what happened at the end. Being licensed is helpful but if someone wants to scam you, they are going to do it anyway, just like SBF did. I really find hard to trust any info about exchanges or cryptos in general coming from US institutions.

Yep, again - people will always abuse power - scams like this also happen in regular FIAT banks but they are not on the front page because government does not want people to lose trust in banks and mostly it ends with a big fine and nothing else. It's the same with other reports like running from the police, they only show us the getaways that ended bad for the criminals but 90% of the time criminals get away.
Police is useless and so are banks and guarantees of any CEX that they will not rob you.

If FBI, government and all the other liars that are responsible for legislation's would really care about our safety they would say "DO NOT USE CEX, USE DEX" - but they will never say that, instead they will keep pushing our heads into the lions mouth and better pray that the lion is not hungry, because he will not hesitate when the time comes like we already have seen so many times on the biggest exchanges.

[YUriy1991]

The government would never believe something they have no control or access to their data as been safe.
Is like to them the citizens are not ready to be truly free.

That's the implicit message and with the classic reason is that they exist to protect the public from the threat of financial crime and they will come and in if there are indications of inequality and the presence of suspicious activity reports either from personal transactions or from the exchange itself.