California Regulator Launches Service to Track Cryptocurrency Scams

The California Department of Financial Protection and Innovation (DFPI) has launched the Crypto Scam Tracker service to track fraudulent cryptocurrency projects.

The regulator said that thanks to the Crypto Scam Tracker, state residents and potential investors will be able to check suspicious projects and analyze them.. The system is a database in which you can enter the name of the organization, type of fraud or keywords. The service includes an accompanying glossary that explains the most common types of fraud.

In addition, Crypto Scam Tracker details how crypto scams work based on complaints received from affected users.. DFPI noted that it receives thousands of complaints annually from victims of cryptocurrency scams. The regulator promises that the data in the service will be updated regularly.

“As new cases of digital asset fraud are reported, this information will be immediately entered into the system in order to promptly alert the public.. Fraudsters are used to being in the shadows, abusing interest in cryptocurrencies, cashing in on gullible Californians. And we are committed to bringing these ruthless predators into the world,” said DFPI Commissioner Clothilde Hewlett (Clothilde Hewlett).

California rights activists recently supported a bill that would require crypto companies to obtain a DFPI license to operate in the state.