California Regulator Warns of 17 Cryptocurrency Fraud Sites

The California Department of Financial Protection and Innovation (DFPI) issued 17 warnings at once about possible cryptocurrency scams. Warnings report 17 crypto sites most likely to be scams. Their list includes the websites of Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, and ZC Exchange. The regulator also warned about two sites that copy the sites of large companies Wintermute and Uniswap. DFPI periodically publishes warnings about possible financial and cryptocurrency fraud. These warnings are based on complaints from California citizens.. However, there has not been such a massive warning since mid-June of this year, when 26 platforms were called fraudulent. Representatives of the regulator emphasize that most of these frauds use a fake identity – the offender creates a fake social media account and starts a romantic or friendly relationship with the victim.. He then advises to invest in cryptocurrencies through a specific site. In the case of the 17 current warnings, victims have lost between $2,000 and $1.2 million.. At least check that the company is licensed to operate in California,” the regulator said in a statement. Previously, the DFPI banned MyConstant from providing cryptocurrency lending services to California residents.