California Financial Regulators Are Investigating FTX Mine Explosions

The California Department of Financial Protection and Innovation (DFPI) is investigating the FTX minefield incident. The department noted that consumers and investors must be aware that crypto assets are high-risk investments and should not expect to be compensated for any losses. DFPI reminds California consumers and investors that many crypto asset providers may not adequately disclose the risks customers face when depositing crypto assets with these platforms. Crypto asset providers are not subject to the same rules and protections as banks and credit unions.