Cryptocurrency website https://esc-spectrum.com/ and Escrow Spectrum, Inc. are not licensed escrow agents in California
The California Department of Financial Protection and Innovation (DFPI) received a complaint from a foreign national that Escrow Spectrum, Inc., through its website https://esc-spectrum.com/ handled cryptocurrency escrow transactions, resulting in a $150,000 loss.
A trader at Escrow Spectrum, Inc. stated to the complainant that the company’s website was https://www.escrowspectrum.com/ but asked the complainant to use https://esc-spectrum.com for cryptocurrency escrow transactions. The victim made a $150,000 transaction through this website and paid $5,000 commission. Subsequently, the victim paid 8% of the transaction amount and approximately $3,000 to this website as alleged IRS taxes and penalties. When the victim wanted to withdraw funds from this website, the victim was asked to wire approximately $60,000 to BitPay. When the victim requested the website to cancel the cryptocurrency escrow transaction, the website asked the victim to pay $7,500.
Escrow Spectrum, Inc. is not a licensed escrow company in California. The Escrow Spectrum, Inc. is a licensed escrow company in California. The Escrow Spectrum, Inc.’s website is https://www.escrowspectrum.com.
The DFPI urges consumers to exercise extreme caution before responding to any companies or websites claim to handle cryptocurrency escrow transactions. To check whether an escrow company is licensed in California, consumers may contact the Department for questions or inquiries at firstname.lastname@example.org or call toll-free at (866) 275-2677. 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 DFPI at dfpi.ca.gov/file-a-complaint.
The DFPI licenses and regulates financial services, including state-chartered banks and credit unions, money transmitters, securities broker-dealers, investment advisers, non-bank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, franchisors and more.
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