Washington State Department of Financial Institutions Takes Action Against Multi-Level Marketing Cryptocurrency Scam

Olympia – The Washington State Department of Financial Institutions (DFI) entered a Summary Order against BG Wealth Sharing Ltd. (“BG Wealth”) and DSJ Exchange PTY Ltd. (“DSJ Exchange”), two affiliated companies which operated a widespread cryptocurrency scam. The Summary Order takes effect immediately, and requires both companies to cease and desist from violating Washington's Securities Act.

DFI cautions BG Wealth investors to beware of both recovery scams and successor scams. Recovery scammers often target victims of cryptocurrency scams with false claims that they can recover victims’ money for an upfront fee. DFI is also aware of reports that a successor scam called HQIEX is requesting payments of $100 or $1,000 from BG Wealth victims, supposedly to sign up for a new trading platform where their original BG Wealth funds will be transferred. Cryptocurrency lost in scams is almost never recoverable, and legitimate authorities will not ask for payment to recover your funds.

“DFI is committed to helping consumers make sound financial decisions and avoid being caught in scams,” DFI Director Charlie Clark said. “We urge potential investors to verify the status of entities with us prior to parting with their hard-earned money.”

BG Wealth claimed to be an investment group which would provide investors with “trading signals” with accompanying codes that investors were told to copy and paste into DSJ Exchange’s website or app. These “trading signals” would supposedly authorize BG Wealth to pool an investor’s money into a large short-term bet on the price movement of Bitcoin, using DSJ Exchange’s “trading platform.” BG Wealth claimed to have a 99.6% success rate on its trades and a monthly return rate of 60%, and also claimed to guarantee investors’ returns. These claims were false. Any claims of guaranteed double-digit returns mean that the investment is more than likely a scam.

BG Wealth and DSJ Exchange recruited new investors through a Multi-Level Marketing structure, where recruiters were promised additional daily trading signals, along with minimum salaries, bonuses, and dividends for recruiting new investors. Recruiters also hosted in-person events in Las Vegas and Utah.

In late April 2026, BG Wealth started an advance-fee scam, where it claimed to be under a regulatory audit which required investors to make new payments of 12% of their account value to make withdrawals. Investors who paid this fee have either been unable to withdraw anything at all, or have received payments smaller than their deposits (for instance, one investor reported withdrawing $1,000, but only after paying $2,000). Legitimate financial institutions do not require additional advance payments to make withdrawals.

Both BG Wealth and DSJ Exchange made false filings with government agencies to make their operations appear more legitimate. Both companies made incorporation filings in Colorado. BG Wealth made an Exempt Reporting Adviser filing with the Securities and Exchange Commission (“SEC”), and DSJ Exchange made a Money Service Business filing with the Financial Crimes Enforcement Network (“FinCEN”). Both companies then created fake certificates, which were posted on BG Wealth’s website, claiming that the SEC and FinCEN had approved their operations. In reality, the types of filings made by both companies do not mean the companies are legitimate or that the government has in any way reviewed or approved their activities. False claims about government filings are a common hallmark of scams, and DFI urges investors to reach out to their local regulators if they have questions about any such claims.

DFI urges Washington State investors to visit our agency Investment Scam Tracker regularly to stay informed about alleged scams in our state. If you are a Washington State investor and would like to file a complaint about an investment product or entity, please fill our online complaint form.