A crypto counterparty says they are legit because they show up in FinCEN's MSB search. Is that actually meaningful?
We are evaluating a crypto payments partner and their main credibility pitch is that they are listed in FinCEN's MSB registrant search. Someone on our business team is treating that like a regulatory seal of approval. I am skeptical because self-registration and actual compliance are not the same thing.
I need a precise answer because the vendor diligence memo is being written now. If FinCEN itself warns that registration is not an endorsement or certification of legitimacy, then we should say that plainly and do real diligence instead of treating the registry result like a clean bill of health.
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