and in selling their services to governments, banks, exchanges, and others that need access to this data. Usually, governments are interested in collecting information about financial crimes, while other institutional players use BS companies for compliance, especially with regard to customer due diligence. This article argues that BS companies can be understood as governmentalities. Michael Rectenwald deploys this term to "refer to corporations and other non-state actors who actively undertake state functions." The partnership between the state and BS companies threatens cryptocurrency users' privacy and their ability to transact freely, away from the prying eyes of unwanted third parties. Guilty until Proven Innocent BS companies help institutional players and law enforcement implement the risk-based approach (RBA) developed by the Financial Action Task Force (FATF). According to the RBA, customers of regulated intermediaries such as cryptocurrency exchanges are first