Is this crypto platform legit? How to check before you send money

• —The CFTC's RED List names foreign entities that appear to be acting in a capacity that requires registration with the CFTC but aren't registered. If the platform is on it, walk away.
• —Not being on the RED List isn't enough. The CFTC says firms that trade forex or derivatives with US customers must register with the CFTC and be members of the National Futures Association; you can check on the NFA's BASIC search.
• —Crypto trading platforms must register with FinCEN as money services businesses, which you can check with FinCEN's MSB registrant search.
• —For anyone selling investments or giving investment advice, check Investor.gov and FINRA's BrokerCheck, a free tool for researching the background of investment professionals.

The CFTC is clear about the limits: registration offers many protections but is no guarantee against fraud or mismanagement. It also notes that most scams involve unregistered entities, people and products.

The FCA says firms offering crypto products in the UK must be registered with it or have permission to promote them, and that if you can't find a firm on the Financial Services Register, it's unlikely to have permission to offer you crypto products. The FCA also keeps a Warning List of firms and individuals running scams or operating without authorisation.

The FCA adds that registration doesn't mean you'll have access to the Financial Services Compensation Scheme or the Financial Ombudsman if something goes wrong.

Check that you're really dealing with that firm. The FBI and SEC warn that fraudsters pose as registered brokers and investment advisers. Once you confirm the firm is registered, contact it using details you find yourself on the regulator's register, not the ones the platform or your contact gave you. They also note that licensed financial firms typically don't require customers to use digital asset wallets.

• —Claims such as “risk-free”, “zero risk”, “absolutely safe” or “guaranteed profit”, which the SEC and CFTC call hallmarks of a fraud.
• —An account balance that grows quickly. The SEC says depictions of accounts rapidly increasing in value are often fake.
• —Being told to pay “taxes” or fees before you can withdraw your profits.
• —No physical address or phone line, or a website domain that is much newer than the company claims to be. The CFTC suggests checking the domain's age with ICANN's lookup tool.
• —Returns that rise with the size of your deposit, or no option to pay by bank transfer.

The CFTC's own reminder: there are no risk-free investments or guaranteed returns, and blockchain payments are irreversible.

Stop sending money, including any fee to withdraw, and save every transaction hash, wallet address, the platform's web address and your messages. Then report it: our reporting guide covers the US and UK, with separate guides for Canada and Australia. If the platform was introduced by someone you met online, our pig-butchering guide explains the pattern.

If you've already sent funds, we trace where they went after the platform received them and write the report your lawyer or law enforcement can act on. The intake review is free.