Beware of Illegal Cryptocurrency Investment Scams

Interest in cryptocurrency among Indonesians is growing. One sign of this is the increase in crypto consumer numbers throughout 2025. According to data from the Financial Services Authority (OJK), the number of crypto consumers reached 14.16 million by April 2025. This is a 9.60% increase from January 2025.

Unfortunately, this growing interest is being used by irresponsible people to run scams. Scammers often trick potential victims by taking advantage of their lack of knowledge. They offer crypto products that are not licensed or regulated.

Also, scammers will promise big returns in a short time with no risks. If people are not careful and fall for these tricks, their money will likely be stolen by the scammers.

With the rise of digital trends and social media recently, digital scams are becoming more common. Scammers are now using various digital and social media channels like WhatsApp, Instagram, Telegram, TikTok, SMS, email, and websites to operate. What's more, the use of Artificial Intelligence (AI) for scams is also growing, which increases the risk of losses for the public.

How to Spot Illegal Crypto Investment Scams

The easiest way to spot an illegal crypto investment scam is to look at their promotional materials. The basic rule of investing is: the higher the potential return, the higher the risk. As a potential investor, you should not trust offers that seem illogical or too good to be true.

Here are some red flags you might see in illegal crypto investment scams:

• Promising huge profits in a short time

• Promising fixed returns and claiming no risks
• The offer comes from a crypto trader not licensed by OJK and not a member of PT Central Finansial X (CFX), which is the official operator for Digital Financial Asset trading, including cryptocurrency
• Offering cryptocurrency that are not on the Official List of Crypto Assets (DAK) released by CFX

Lately, many unlicensed groups have been offering crypto investments through social media, chat groups, or websites without official permission. So, you should avoid crypto investment offers that show these red flags. 

What to Do Before Investing in Cryptocurrency

Here are a few important things you should do before deciding to invest in cryptocurrency:

• Trade on a crypto trading platform that is licensed by OJK and is a member of CFX. As of July 15, 2025, there are 20 crypto traders who have received licenses as Digital Financial Asset Traders (PAKD) from OJK.
• Choose crypto currency that are included in the Official List of Crypto Assets (DAK) released by CFX. You can find information about cryptocurrency on the DAK through this link.
• Understand how each cryptocurrency works and its risks before buying it. This makes sure you invest in something you understand and are ready for the risks.
• Do thorough research and don't make decisions just because of Fear of Missing Out (FOMO). Investing is a personal choice that should match your risk profile and financial goals, so don't just follow what others are doing.

Reporting Illegal Crypto Investment Scams

If you find information or receive suspicious crypto investment offers that promise illogical returns, report them immediately to CFX via email at [email protected] and to Satgas PASTI OJK via email at [email protected].