Crypen.com Broker
Crypen.com, a cryptocurrency trading website, has been flagged by the California Department of Financial Protection and Innovation (DFPI) following multiple complaints from California residents who report losing money on the platform. The website, http://crypen.com/, is currently not operational.
According to reports, investors were first contacted through a WhatsApp group called “Techcrisis Investment Guild.” Members of the group promoted an investment opportunity involving “TGD” tokens and directed users to create accounts on Crypen.com. Trusting the recommendations, several residents deposited funds and purchased the tokens.
Problems began when users attempted to withdraw their money. Residents state that Crypen.com blocked withdrawals and demanded additional “fees” before releasing funds. Even after paying these fees, withdrawals were still denied. Investors report that account balances appeared manipulated and access to funds was eventually locked. None of the affected users have recovered their money.
Regulators warn that this pattern—social media or messaging app promotion, pressure to invest in specific tokens, and repeated fee demands for withdrawals—is a common sign of crypto fraud. With Crypen.com now offline, authorities urge the public to stop sending money immediately and avoid engaging with similar WhatsApp-based investment groups.
The DFPI continues to advise consumers to verify registration, avoid unsolicited investment offers, and report suspected fraud promptly.
About Crypen.com (crypen.com)
Warning –The California Department of Financial Protection and Innovation (DFPI)
Website: http://crypen.com/
Address: 9001 Grossmont Blvd, La Mesa, CA 91941
Regulation Status: Unregulated
Operating Since: 2018-04-01
Lost Funds to Crypen.com?
If you have lost funds to crypen.com, take action now. Fill out a form to ask for a case review and get fund-recovery assistance.
Is Crypen.com a Trustworthy Platform?
To figure out if crypen.com is trustworthy—especially when comparing it with top forex brokers with excellent customer service—consider the following points:
- Does the broker have a valid license from a top regulator (FCA, ASIC, CySEC, etc.)?
- Does the website have verifiable company registration information?
- The phone numbers, office addresses, and legal documents are real and can be traced.
- Are customer testimonials similar, or do a lot of users say that there are problems with the withdrawal?
Conclusion:
- With the lack of proper licensing or company information, the risk might be much higher. Always check before you deposit any funds.
How Risky Platforms Often Operate
Here are the suspicious trading platforms’ tactics that are used the most:
“Pig-Butchering” / Long-Term Manipulation
Scammers first build a connection through chat apps, social media, or dating sites and then lead the unaware to trading on platforms where they are eventually ripped off.
Clone Trading Platforms
Such platforms imitate real trading platforms — showing rising balances, charts moving favourably — but these are fake. Withdrawals may be allowed initially, then blocked later.
Other Indicators
- Calls or messages urging you to make large deposits.
- Assurances of very high returns with no risks and short waiting times.
- Requests for “taxes” or “clearance fees” to be paid before the cash-out can be processed.
- A website that looks perfect, but in reality, it just hides the lack of regulatory disclosure.
- Fake user reviews, getting celebrity endorsements, or buying reviews to create an illusion of credibility.
Warning Signs Associated with Crypen.com
- Absence of a valid, verifiable license number.
- The company address and contact information are either nonexistent or hard to trace.
- The application of forceful sales strategies is pushing for large deposits very quickly.
- The claim of “guaranteed profits” is not credible.
- The online reviews speak of payments being stopped, support disappearing, or staff being unresponsive.
What to Do If You Have Invested with Crypen.com
Should you have already deposited money with Crypen.com and suspect problems, do the following steps right away:
- Stop all communication with the platform and the representative that is connected to it.
- Let your bank or payment processor know about it – inquire about charge-backs, blocking more payments, or recovering funds.
- Collect proof – keep all communication, screenshots of the trading platform, deposit slips, chat logs, email threads, and transaction IDs.
- Inform the authorities – reach out to your local police or cybercrime department and lodge a formal complaint. Also, inform the financial regulator that is relevant to your jurisdiction.
- Get professional help for the recovery – if the losses are considerable, consider very carefully reliable fund-recovery or legal assistance (check credentials, fees, and past cases before hiring).
Quick Summary
Crypen.com lack of regulatory oversight, along with the multitude of red flags, makes it a high-risk market. If you decide to go on, it is imperative to check its license, corporate identity, and withdrawal history first.
For more updates, follow us on:
No responses yet