# Money Services Business
In financial regulation *money services business* includes any person doing business in one or more of the following capacities: 

1. Currency dealer or exchange [making](market-maker.md).
1. Check cashier. 
1. Issuer of checks, money orders or stored value.

Crypto exchanges are regulated as money services business in the United States, not as [brokers](broker.md). Money service business regulation is far less restrictive than the regulation applied to market makers or brokers, is very state-by-state based in terms of enforcement, and often only involves compliance with high-level FinCEN guidelines on [AML](aml.md) and [KYC](kyc.md) checks on transmission of stored value.

## References
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