Crypto scams in The Bahamas and the official warnings

Crypto scams in The Bahamas tend to have one thing in common: they borrow the country’s reputation as a regulated crypto hub. Fraudsters claim to be “licensed by the Securities Commission of The Bahamas”, call themselves a Bahamian crypto bank, or post forged certificates. The SCBSCB The Securities Commission of The Bahamas, the regulator that registers and supervises crypto businesses under the DARE Act. Glossary and the Central BankCBOB The Central Bank of The Bahamas. It issues the Bahamian dollar and Sand Dollar, supervises banks and runs exchange control. Glossary regularly publish notices naming them. Below are the notices that matter for crypto, newest first, the patterns behind them and what to do if you have been targeted.

Is “Bahamas Crypto Bank” legit?

No. “Bahamas Crypto Bank”, giving an address on Buttonwood Ave, Nassau, appears on the Central Bank’s warnings as an entity not licensed to carry on banking or trust business, first in a 2025 warning notice and again in a public notice dated 19 June 2026, alongside SP Monza Bank, Coral Credit Bank and Bahamas GTB. The Central Bank says false licensing claims are meant to mislead investors and expose them to fraud.

It helps to know how licensing works here. Banks are licensed by the Central Bank. Crypto businesses are registered by the SCB under the DARE Act 2024. A real Bahamian institution offering both would appear on the relevant official lists, and you can check our decoded register of crypto companies in minutes. “Bahamas Crypto Bank” is not on the SCB’s digital asset register.

Official warnings, newest first

The January 2026 notice is worth reading in full because the names look so similar: Benacea, Bitop, Coinzne, Dairytec, FidelityEra, Goldex, HTR, Jucaide, Kronox, Longbridge, VGFO and Worldex, each followed by “Markets Limited”. Each website offered trading or crypto services and stated falsely that it was regulated by the SCB. The SCB has also warned about a fake copy of its own website (Public Notice No. 2 of 2026), and the Central Bank flagged an entity called DSJ Exchange during 2026.

Six scam patterns aimed at Bahamians

1. Fake licences and certificates

A polished certificate “issued by the Securities Commission of The Bahamas” proves nothing; Apex Platform and Curion Finance both used forged ones. Only the register on scb.gov.bs counts.

2. WhatsApp and Telegram investment groups

Trade Market recruited Bahamians through Telegram and WhatsApp with crypto-mining “packages”. Investors saw rising balances on a website, then were told to pay ever-larger fees to withdraw, and ended with nothing. Money Makers Club, active on Instagram, Facebook and Telegram, promised $1,500 back for every $150 sent in crypto. Guaranteed returns and fees to unlock withdrawals are the giveaway.

3. Romance and relationship scams

Known as “pig-butchering”, these begin with a friendly stranger online who, weeks later, introduces a trading app. The SCB ran a public campaign against them in February 2026. If someone you have never met wants you to invest, stop.

4. Recovery scams

Victims, and FTX creditors in particular, are approached by “recovery agents” who promise to retrieve lost coins for an upfront fee. Legitimate liquidators do not charge you to be paid. FTX Digital Markets creditors should use only the liquidators’ official site, linked from our FTX page.

5. Fake support staff

Impersonators answer complaints on social media or in chats, then ask for remote access, a login code or your seed phraseSeed phrase A list of 12 or 24 words that can restore your wallet on any device. Whoever has these words owns the coins, so never type them into a website. Glossary. Real support teams never need these.

6. P2P payment tricks

In peer-to-peerP2P (peer-to-peer) Buying crypto directly from another person, with a platform holding the seller’s coins in escrow until payment arrives. Glossary trades, sellers receive fake payment screenshots, or real payments that are later reversed through a chargebackChargeback When a card or bank payment is reversed after the fact. A big risk for P2P sellers, since crypto cannot be reversed. Glossary. Release coins only when money shows in your own account, and keep trades on the platform’s escrowEscrow A neutral holding arrangement: the platform locks the seller’s crypto and releases it only when the seller confirms your payment arrived. Glossary. Our P2P guide covers this in depth.

The 60-second legitimacy check

1. 01

   Search the SCB register

   Open the registrant search page on scb.gov.bs and look for the exact legal name. A missing or slightly different name is a red flag.

2. 02

   Check the activity

   A firm registered only for custody cannot legally run an exchange. The activity has to match the offer.

3. 03

   Check the warning notices

   Search the SCB’s investor alerts page and the Central Bank’s warning list for the name and website.

4. 04

   Test the promise

   Fixed high returns, pressure to act today, or fees before you can withdraw: walk away.

5. 05

   Phone the regulator

   Still unsure? Call the SCB on 242-397-4100 or email sud@scb.gov.bs before you pay.

Where to report a crypto scam

Act fast. Tell the exchange or wallet you sent funds from first: if the coins have reached another regulated platform, it may be able to freeze them. Then report it:

• Securities Commission, Enforcement Department: enfdept@scb.gov.bs or info@scb.gov.bs. To check a firm’s status: sud@scb.gov.bs or 242-397-4100.
• Royal Bahamas Police Force, Commercial Crime Unit: the Central Bank directs fraud reports here. Reach it through the police main line, 242-322-4444. Dial 919 or 911 if a crime is in progress.
• Your bank: if you paid by card or wire, call immediately; card payments can sometimes be disputed, crypto transfers cannot.

Keep screenshots, wallet addresses, transaction IDs and chat logs. Then be on guard: anyone who contacts you afterwards offering to recover your money is probably running the next scam. Starting again? Our beginner’s buying guide and cash-out guide show the routes that run through real banks and platforms.

Stay safe

Registered companies The official DARE register, decoded firm by firm. Read guide Crypto regulation DARE Act 2024, SCB powers, the Travel Rule and new 2027 fees in plain English. Read guide P2P trading Live P2P liquidity checks, escrow explained and a scam checklist for cash trades. Read guide Crypto wallets Self-custody made simple, including customs duty and storm-proof backups. Read guide