Date Posted: 
Monday, October 17, 2022

DFI has received a complaint from an investor regarding (“Arranos”). According to the investor, was a cryptocurrency investing website. The website has since been taken down.

The investor attempted to withdraw their $40,000 investment from their Arranos account, but was told by Arranos that they were flagged as a potential money launderer. Arranos gave the investor the option of paying an additional $20,000 to withdraw the investment, or to provide a report from a “cryptocurrency regulator” in the U.S. clearing the investor of any money laundering activities. The investor reached out to DFI for assistance.

DFI does not provide or issue any report or other written statement that clears any individual or entity of money laundering activities. In addition, no other federal or state financial regulator provides such a report or statement, to DFI’s knowledge.

If you have been asked to provide such a document in order to withdraw your investment, you have likely been the victim of a scam.

This appears to be what is commonly called “Advance Fee Fraud”, which can take many forms.

How to Verify a License

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 DFI, Securities Division at (360) 902-8760.

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

How to File a Complaint

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 DFI's Securities Division. See: file a complaint with DFI.

Additional Resources

Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers

DFI Investor Education

What You Can Do to Avoid Investment Fraud

About Advance Fee Fraud