California Regulator Warns Against 17 Cryptocurrency Brokers

The California Department of Financial Protection and Innovation (DFPI) has updated its list of fraudulent online crypto trading platforms based on the complaints the regulator received from consumers. The DFPI has fired off 17 separate warnings over two days against crypto brokers and websites it suspects of being fraudulent.

The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services.

These trading platforms try to arouse consumers' curiosity with pig-slaughtering scams, which involve an individual or group creating a fake identity online to build fake relationships or friendships via social media, messaging and dating apps.

The list includes Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, VoyanX.com, and ZC Exchange, to name a few.

"If a consumer believes a person or company has violated state law or acted improperly regarding a consumer financial product or service, they may file a formal complaint with the DFP" the regulator states.