The US Federal Bureau of Investigation (FBI) issued a warning to Bitcoiner and cryptocurrency market enthusiasts on the same day that the US Securities and Exchange Commission (SEC) accused the MetaMask wallet of violating securities laws. contract.
The US FBI has warned Americans against using unregistered electronic funds transfer services unless they are registered as a Money Services Business (MSB).
Urging Americans to be wary of operators who fail to comply with anti-money laundering (AML) regulations, the FBI's Internet Crime Complaint Center (IC3) states:
“Users of unlicensed cryptocurrency transfer services may be subject to financial disruption during law enforcement operations, especially if their cryptocurrency is mixed with illicit funds. ”
The statement comes after the FBI probed cryptocurrency services, looking for those that were not licensed under US Federal law and deemed them to be “illegal transactions.”
Source: FBI
The statement urges customers to avoid electronic money transfer services that do not implement a know-your-customer (KYC) verification process.
The US SEC has accused MetaMask wallet of operating as an unlicensed broker-dealer, thus, violating securities laws.
A broker-dealer is a financial institution that trades securities on behalf of clients but may also trade itself. It acts as a broker or dealer when executing orders on behalf of clients and as an agent or principal when trading for itself.
In a counter move, ConsenSys, the startup behind the MetaMask wallet, filed a lawsuit against the SEC , accusing the agency of exceeding its authority in trying to regulate the cryptocurrency industry. The company asked a federal court to rule that ETH is not a security to prevent the SEC from extending its “unlimited” powers.
Ethereum's status as a security or commodity remains unclear, as there hasn't been any straightforward response from the SEC. Designating ETH as a security would be detrimental to many companies in the US.
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Itadori
According to FXStreet
