As an investment, crypto is typically highly risky, and lacks the protections associated with other financial assets such as deposit insurance and the right to error resolution. While there can be some security built into a blockchain system (For example, every computer in the network maintains a complete, anonymous record of every transaction), consumers should be aware of the risks and potential for fraud.
Our Oversight
We regulate financial services and products in California, and since the Governor’s Executive Order on blockchain technology in 2022, our role in overseeing crypto has grown. We are continuously monitoring the crypto landscape as it evolves. We’re here to protect every Californian from scams, and we carefully review consumer complaints for enforcement purposes and to inform policymakers.
How to report crypto scams
If you’ve experienced unfair, deceptive, or abusive practices related to crypto, submit a complaint with us today.
Before you put your money at risk, check our Crypto Scam Tracker – a first-of-its-kind searchable collection of scam complaints sorted by company name, scam type, or keywords, as well as a glossary explaining the structures for common scams.
How will my complaint be handled?
If we think an issue can be resolved by reaching out to a financial service provider, we’ll work to get a resolution on your behalf. If the complaint involves activity that we think may be illegal, we’ll send your complaint to our enforcement division who will review and take appropriate next steps, which may involve reaching out to other state and federal agencies or regulatory organizations. While we work to carefully review every complaint, we cannot guarantee that we will be able to resolve your issue.
Featured Resources
Crypto ATM Scams: Don’t Let Fraudsters Drain Your Wallet:
Scammers are increasingly exploiting digital assets kiosks (commonly called crypto ATMs) to defraud individuals, particularly older adults.
Crypto Scam Tracker
The scams in this tracker are based on consumer complaints. They represent descriptions of losses incurred in transactions that complainants have identified as part of a fraudulent or deceptive operation.
What are pig butchering scams?
This page is devoted to helping you protect yourself from a form of investment fraud in the crypto space where scammers build relationships with targets through social engineering
Useful Terms
Blockchain
The blockchain is a digital ledger, which securely and transparently records transactions across the network. Every set of transactions forms a block, and each block is connected to previous (and future) blocks. Thus, “blockchain.”
Wallet
Crypto owners can store digital financial assets in a digital tool called a wallet. Software wallets typically are most common, although they can also be hardware-based.
Mining
Crypto transactions are verified and added to a blockchain in a data-intensive process called mining. Crypto “miners” use powerful computers to solve complex mathematical puzzles, and in return, they are rewarded with newly created crypto assets and transaction fees. Other methods of verification include consensus mechanisms and proof of stake.
Bitcoin
Bitcoin was the first and remains the most well-known digital cash technology. Bitcoin works on a decentralized peer-to-peer network, and operates without need for banks, trading platforms or other intermediaries.
Other Useful Links
How to Report Crypto Scams: If you’ve experienced unfair, deceptive, or abusive practices related to crypto, submit a complaint with us today.
Trends in Consumer Crypto Complaints: The DFPI’s Consumer Services Office (CSO) helps thousands of consumers each year to navigate the consumer complaint resolution process with the various financial institutions, companies, and products that DFPI regulates.
Protect Your Heart and Your Wallet from Romance Scams: Never send money or give personal information to anyone you have only communicated with online or by phone.
Investor Information: We have gathered together links to important resources to help you investigate before investing your hard-earned money.
Investment Scams – What Consumers Need to Know: This page is devoted to helping you protect yourself from investment cheats, with ways to help you avoid fraud, and find investment opportunities that offer real promise.
Other Recent Crypto News
Press Release
DFPI Shuts Down Crypto Kiosk Operator for Cheating Consumers and Violating State Laws
In an ongoing effort to protect California consumers, the DFPI has announced that Anh Management, LLC, known as Hermes Bitcoin, must cease operating all of its digital financial asset kiosks (a/k/a ‘Bitcoin ATMs’) in California by May 20, 2026.
Consumer Insights
The New Era of Tech-Enabled Scams
Feb 27, 2026
It may seem daunting to keep up with technology these days. As it evolves, it seems to create more opportunities for criminals to exploit consumers. The scale of the problem is huge, and it will take us all working together to turn the tide.
Alerts
Imposter Email Misusing DFPI Employee Identity to Demand Licensee Response
May 8, 2026
A DFPI licensee recently reported receiving an email appearing to be from a DFPI employee. The email message referenced a supposed complaint received by DFPI from a consumer and demanded a response from the DFPI licensee within seven days.
Alerts
Individual Falsely Posing as a Licensed Investment Adviser Representative
Apr 27, 2026
The DFPI has received information that an individual is contacting consumers through text messages and messaging platforms, such as Telegram and WhatsApp, while falsely claiming to be Douglas Boneparth, a licensed Investment Adviser representative.
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Resources and Publications
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