CA Regulator Warns of 17 Crypto Frauds: Exercise Caution!

• The California Department of Financial Protection and Innovation (DFPI) issued warnings against 17 crypto websites and brokers engaged in fraud against California consumers.
• These warnings were issued on the Consumer Alert page on December 27 and 28.
• The warnings were issued to Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamen Ltd./Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, VoyanX.com, and ZC Exchange, among other websites.

The California Department of Financial Protection and Innovation (DFPI) has recently issued warnings against a total of 17 crypto websites and brokers that are believed to be conducting fraudulent practices and targeting California consumers. These warnings were released over a period of two days, beginning on December 27 and 28.

The sites that were targeted by the DFPI include Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamen Ltd./Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, VoyanX.com, and ZC Exchange, among others. The DFPI stated that these sites “appeared to be engaged in fraud against California consumers” and urged caution when responding to any solicitation offering investment or financial services.

The DFPI had previously issued warnings regarding crypto frauds back in June 2022, when they sent out alerts to more than 26 fraudulent crypto websites. In addition to these 17 sites, two other websites, eth-Wintermute.net and UniSwap LLC, were discovered to be impersonating two well-known cryptocurrency websites.

The DFPI’s warnings came as a result of a growing number of reports of fraudulent crypto activities. As such, the DFPI has urged consumers to exercise extreme caution when dealing with any type of financial or investment services. To check whether a provider is licensed in California, the DFPI recommends visiting the DFPI’s website or the Financial Services Regulatory Authority’s website.

Overall, the DFPI has taken a firm stance against crypto frauds and is committed to protecting consumers from such activities. The DFPI’s warnings against these 17 crypto websites and brokers are a step forward in its efforts to combat fraudulent crypto activities.

Comments are closed.