Date Posted: 
Tuesday, April 18, 2023

The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint from an investor regarding (“”), a website claiming to be a cryptocurrency exchange with “World-leading Crypto Security” where you can “Buy and Sell Crypto Instantly.”

The investor was invited over Telegram to be part of a “merchant order team” or task group on Telegram by an individual the investor described as a “Zebpay Analyst.” The individual posted tasks or orders to the Telegram group message for the investors to complete on The individual told the investors what cryptocurrency to select and provided three different options the investor could choose from. Each option included the amount of the investment and the amount of commission or profit the investor would receive. The investment appeared to be based on whether the underlying cryptocurrency price increased or decreased.

After the investor started an account on, the investor was told to trade 12,000 Indian Rupees (INR), approximately $145 USD, in order to receive 4,800 INR. Later, the investor was told to invest 50,000 INR, approximately $600 USD, and they would receive 140,000 INR. After investing the requested amounts, the commission or profits were purportedly deposited into the investor’s account. The investor inquired about withdrawing funds from their account but the individual demanded the investor “complete their order” or invest 300,000 INR in order to withdraw funds from their account. The investor was told to pay the fee or lose all the money they invested plus the profits they earned.

This appears to be what is commonly called “Advance Fee Fraud”, which can take many forms. Learn more about advance fee fraud.

DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. Investment professionals need to be licensed with DFI to offer investments to Washington residents. In addition, most investment products sold need to be registered with DFI. To check the licensing status and to find out if there are any complaints against an investment professional or investment product, please visit FINRA Brokercheck or contact the Washington State Department of Financial Institutions, Securities Division at (360) 902-8760.

If a consumer believes a person or company has violated state law or acted improperly regarding an investment product or service, they may file a complaint with the Securities Division.

If you live outside of Washington State, contact your state securities regulator.

If you believe you are a victim of an Internet Crime, you may file a report to the FBI Internet Crime Complaint Center.

Additional Resources

Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers

Exercise Caution with Crypto Asset Securities: Investor Alert

What You Can Do to Avoid Investment Fraud