Alleged Financial Educational Institution “BOTE Finance Institute” and Cryptocurrency Trading Platform “GeniZenith Crypto Group Ltd.” Appear to Be Engaged in Fraud

The Securities Division of the Washington State Department of Financial Institutions has received a complaint concerning BOTE Finance Institute or BOTE Financial Academy (“BOTE”), an alleged financial educational institution, and GeniZenith Crypto Group Ltd. (“GeniZenith”), an alleged crypto trading platform. 

The complainant alleged that he joined BOTE through its WhatsApp group, which provided training programs regarding investment in cryptocurrencies. BOTE later instructed the complainant to open an account with GeniZenith for cryptocurrency trading by depositing $2,000 as “security risk deposit.” When the complainant tried to withdraw the funds, GeniZenith refused to release the funds and told the complaint that he had deposited into the “wrong account” and that he needed to make additional “margin verification” or “security” deposit to meet the withdrawal conditions. The complaint tried to resolve the issue with the representatives of GeniZenith and BOTE, who threatened identity theft and physical harm against him.

As of the date of this alert, the complaint cannot access the $2,000 held by GeniZenith.

How to Report

If you believe you are a victim of this alleged cryptocurrency scam:

• Report to FBI
• If you are outside Washington State: contact your local Securities Regulator
• If you are a Washington State resident: Submit a Complaint for statistical purposes. 

Other Resources

• Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers
• Investment Fraud
• What You Can Do to Avoid Investment Fraud | Investor.gov