Cryptocurrency Warning From US Regulator!

Bitcoin (BTC) and cryptocurrencies It has seen tremendous growth and adoption after the bull rally in 2021.

While the increasing adoption of cryptocurrencies has its positive aspects, it also has its negative aspects.

So much so that increased adoption has brought criminals closer to crypto and cryptocurrency Fraud incidents also started to increase.

In this context, the California financial regulator, taking action against crypto scams, has issued 17 warnings for suspicious crypto websites and scammers.

Issuing warnings between 27 and 28 December California Department of Financial Protection and Innovation (DFPI)told consumers to be wary of potentially fraudulent crypto websites and brokers.

issued warning about by DFPI crypto- websites and brokers included companies such as Tahoe Digital Exchange, TeleTrade Options, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global investment firm, Unison FX, VoyanX.com, and the ZC exchange.

Noting that it is rare for DFPI to issue multiple alerts in a short date range, experts said the institution has made an exceptional practice for the crypto industry.

The DFPI carried out the warning bombardment, as it is now, with 26 warnings last on June 15th.

In its latest warnings, DFPI also stated that in addition to complaints about fraud, users lost between $2,000 and $12 million.

It was stated that most of the fraud cases mentioned in DFPI’s warnings were carried out by a fraud method involving an individual or group creating an identity by establishing fake relationships through messaging and dating applications.

California regulator finally, “to exercise extreme caution before responding to any request that provides consumers with investment or financial services” called.

DFPI also pointed out that it is necessary to check whether an investment or financial services company is licensed in California.