DFPI Issues Cryptic Cryptocurrency Warning

Allen Matkins
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Allen Matkins

The California Department of Financial Protection is warning consumers that "companies that may be engaging in unlicensed activity and/or falsely advertising cryptocurrency products and services".  The warning lists numerous companies or sites allegedly engaged in fraud or other improper actions.  Although many of the companies made the list based on a single, unverified complaint to the DFPI, I agree with the Department's warning that consumers should "exercise extreme caution before responding to any solicitation offering investment or financial services".  

As a reminder, I will be a speaker today for the San Diego County Bar Association's annual corporate and LLC law update.  Registration information is available here.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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