You might not realise it, but helping someone move money through your account, even just once, could involve you in serious criminal activity. It’s called money muling, and it’s something the FCA is warning against.
Whether you’re approached online, through a friend, or via social media, being a money mule is illegal — and the long-term consequences can be life-changing.
What is a money mule?
A money mule is someone who allows their bank or crypto account to be used to receive and transfer criminal funds, often in exchange for a cut of the money or a promise of quick cash.
You might be told it’s for a "job", a "favour", or even helping someone out who “can’t use their own account right now”. But if the money comes from illegal activity — such as scams or fraud, you’re helping criminals move stolen funds.
We have seen more cases where criminals try to use Gemini accounts to move money illegally. They often trick people in the UK into opening a Gemini account and receiving money on their behalf. That money is then used to buy cryptocurrency and sent to the criminals' private wallets. The person is usually promised a small payment or reward in return.
And that’s a crime.
How does it affect you?
Being involved in a money mule scheme can lead to:
- Permanent closure of your bank or crypto accounts
- A ban from holding financial products
- A criminal record for money laundering
- Ruined credit scores, affecting loans, mortgages, and employment
- Investigation or reporting to law enforcement or industry fraud databases
This can affect your life for years, far beyond the initial "easy money".
Red flags to watch out for
Be careful if:
- Someone you don’t know well asks to use your Gemini account to move money or crypto
- You’re offered money to receive funds and send them elsewhere
- You’re told to keep it secret, or it’s “just a one-time favour”
- You’re approached for vague online jobs that involve handling money or crypto transfers
Criminals often target people in financial difficulty, but anyone can be tricked.
Gemini’s message
We actively monitor for suspicious account activity and report confirmed cases of money laundering to relevant authorities and fraud prevention networks.
If you think you’ve been approached or have unknowingly been involved, it’s important to stop immediately and report it.