Securities regulators in the state of Oklahoma have warned of a suspected cryptocurrency scam that promises investors risk-free and guaranteed returns. The Oklahoma Securities Department announced that the structure under investigation is linked to crypto trading platforms DSJ Exchange PTY Ltd and HQI Exchange, along with BG Wealth Sharing Ltd.
Unregistered activity warning
None of the organizations in question are registered to operate in Oklahoma, according to the department. Authorities stated that investors who continue to send money should immediately stop transactions. In the warning, it was stated that the structure gathers users, especially through social media, and benefits from referral rewards that encourage existing participants to bring new investors.
The Oklahoma Securities Department stated that the organizations mentioned are not registered in the state and investors should immediately stop sending money to these structures.
It was claimed that BG Wealth introduced itself as a large hedge fund on a global scale and moved to new addresses as previously used websites were closed. It was noted that investors were also directed to private messaging channels and third-party applications such as Telegram.
Mini dictionary: Hedge fund refers to a type of investment fund that manages assets with more flexible strategies, generally aimed at high-income or institutional investors. Telegram, on the other hand, is a communication application that allows community building through closed groups and direct messaging.
Alleged fake approval and steps in other states
State officials said BG Wealth and DSJ made false representations that they were approved by the U.S. Securities and Exchange Commission. It was reminded that such allegations had previously triggered regulatory interventions in Washington, Hawaii and Utah, and the relevant institutions made decisions to stop the activities.
| institution or structure | Prominent claim or situation | Regulatory step |
|---|---|---|
| BG Wealth Sharing Ltd | Promise of risk-free and guaranteed returns, fake regulatory approval claim | Oklahoma warning |
| DSJ Exchange PTY Ltd | Fake regulatory approval claim | Oklahoma warning |
| similar structures | Claim to operate in the same model | Stop orders in Washington, Hawaii and Utah |
The Oklahoma Securities Department operates as the public agency responsible for enforcing securities legislation in the state. According to the statement of the institution, the methods used in such structures may be based on the unauthorized highlighting of official institution names in order to reassure investors.
Withdrawal restrictions came to the fore
Authorities also reported that additional payments were requested from investors before withdrawing money. It was stated that these payments were presented as taxes, commissions or verification fees, but the victims could not access the assets in their accounts even after depositing these amounts.
According to the victims, withdrawal requests are linked to new payments under the name of taxes, commissions or verification fees, and even if these payments are made, access to the funds is not possible.
It has been noted that some recently uncovered crypto fraud cases in the US follow a similar pattern. It was stated that fake trading platforms, guaranteed earnings rhetoric and withdrawal restrictions tied to additional fees largely coincide with the model pointed out in Oklahoma.
More recently, Fedra Exchange and similar fake trading platforms, which have been brought to the attention of state regulators in Texas and California, reportedly operate in much the same way. Regulators emphasized that investors should not transfer money without verifying their license and registration information from official sources.
