Guide · Last checked 12 October 2026

Is this crypto legit? A public-source checklist.

The short answer

No single check proves a crypto platform or project is legitimate, but official public records can show warning signs in minutes. Check whether the business is registered where it should be, whether regulators have flagged it, and whether it or its addresses are sanctioned, and read the regulators’ own scam warnings.

This is general information, not investment advice: a clean result here says nothing about whether an investment is a good one. If someone you met online is steering you to the platform, read our guide to pig butchering first.

General information, not legal advice. Checked against the primary sources listed at the foot of this page on 12 October 2026. Rules change; confirm against the source before you rely on it.

The checklist

  1. Is the business registered with FinCEN?Exchanges and other crypto money transmitters generally must register. Search FinCEN’s MSB Registration Search. FinCEN warns that registration is not approval or endorsement, and that fraudsters cite it as proof of legitimacy. See our MSB guide.
  2. Does it hold a state licence?Check NMLS Consumer Access or your state regulator, found through NASAA’s regulator directory.
  3. Is it on the CFTC RED List?The Registration Deficient List names foreign firms that appear to be acting in a capacity that requires CFTC registration without being registered. Being listed is not a finding of a violation.
  4. Is the firm or person a registered broker or adviser?Search FINRA BrokerCheck for securities firms and brokers, and NFA BASIC for futures firms.
  5. Does it file with the SEC?Search SEC EDGAR. If a project says it is registered or has filed an offering, the filing should be there.
  6. Is it sanctioned?Search the company, and any address you are asked to pay, in OFAC’s Sanctions List Search; addresses go in the ID # field. See checking a wallet.
  7. Has a state flagged it?California’s regulator keeps a public Crypto Scam Tracker of scams reported to it, last updated in September 2026.
  8. Does it match a regulator’s warning?Read the SEC’s investor alerts on crypto scams and relationship investment scams, and the CFTC’s advisories, including its August 2026 warning that no legitimate firm will tell you to pay through a crypto ATM, gift cards or a courier.
  9. Can you withdraw?A demand for a fee, tax or “unlock” payment before you can withdraw is the signature of a scam.
  10. How did it find you?Unsolicited contact, a new online friend, guaranteed returns or pressure to act fast are warning signs whatever the records say.

The rules are moving

  • SEC and CFTC. On 17 March 2026 the two agencies issued a joint interpretation sorting crypto assets into digital commodities, collectibles, tools, stablecoins and digital securities (effective 23 March 2026). It supersedes the SEC staff statements of 2025 on meme coins and stablecoins.
  • Stablecoins. The GENIUS Act (Pub. L. 119-27, signed 18 July 2025) creates a federal framework for US payment stablecoins. It takes effect 18 months after enactment or 120 days after final regulations, whichever comes first; as of October 2026 it was not yet in effect.

A token’s legal category does not tell you whether the people selling it are honest. The checks above are about the business in front of you.

Not investment advice. BSJ Ventures does not rate, recommend or endorse any crypto asset, platform or project. This checklist uses public records only.

Questions people ask

How can I tell if a crypto platform is legit?
Check public records: FinCEN's MSB Registration Search, state licences on NMLS Consumer Access or with your state regulator, the CFTC RED List, FINRA BrokerCheck and NFA BASIC, SEC EDGAR, OFAC's Sanctions List Search and California's Crypto Scam Tracker. A demand for a fee to withdraw, unsolicited contact or guaranteed returns are warning signs whatever the records show. None of this is investment advice.
Does FinCEN registration mean a crypto exchange is safe?
No. FinCEN says it does not approve or endorse businesses that register as money services businesses, does not vet what they file, and warns that fraudsters cite registration as proof of legitimacy.
What is the CFTC RED List?
The CFTC's Registration Deficient List of foreign firms that appear to be acting in a capacity that requires CFTC registration without being registered. The CFTC says being listed is not a finding of a violation.
Is the GENIUS Act in effect?
Not as of October 2026. The GENIUS Act, Pub. L. 119-27, was signed on 18 July 2025 and takes effect 18 months after enactment or 120 days after the regulators issue final rules, whichever comes first.
Is this checklist investment advice?
No. It is general information built on public records. BSJ Ventures does not rate, recommend or endorse any crypto asset, platform or project.

Primary sources

General information, not legal advice. BSJ Ventures publishes methods; it never publishes clients, cases or verdicts, and it claims no relationship with any agency or maker named here.

← All guides and checks
A counterparty check

Vetting a crypto business as a counterparty?

For businesses, not individual investors: send the company and the addresses it uses. We check them against the official lists and registers and return a signed, dated record of what was checked and what was found. Not investment advice.

Ask for a counterparty check

A person reads every request and answers within a business day. Pricing is on inquiry.