Date Posted: 
Wednesday, September 6, 2023

The Washington State Department of Financial Institutions (DFI), Securities Division received a complaint regarding the entity, Coscoin LLC, and the website (Coscoins). The complainant alleged that Coscoins is an “Unregulated and unlicensed trading crypto currency [sic].”

The Coscoins website claims that “Coscoin is a technology company based in Washington, USA, we founded in 2015 because we knew the world was ready for the revolution of artificial intelligence and blockchain [sic].” The website further claims that “COS” focuses on artificial intelligence quantification and blockchain transaction services…delivering innovation solutions to clients globally, leveraging our team’s expertise in artificial intelligence, blockchain, finance and technology.” Comments on the website are disabled. The link to download the app on the on the “App Store” are not functional. The address listed on the website is listed as “United States Washington.”

The Coscoin entity is a limited liability company registered in Washington with a purported principal place of business located in Fife, Washington. However, the Securities Division could not confirm that the business is actually located there, or engaged in lawful business activities. Jackson Blaze is listed as Coscoin’s Governor on the Washington Secretary of State’s corporate filings. The phone number provided does not appear to be a valid phone number listing for the United States.

These claims and allegations cannot be verified by the DFI.

DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services, or using an unregistered, or unverified, cryptocurrency trading platform. 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 you live outside of Washington State, contact your state securities regulator.

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.

Additional Resources

Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers

Information regarding investing strategies, investment products, and how to protect yourself from fraud

What You Can Do to Avoid Investment Fraud