Investor Alert - BG Wealth Sharing and DSJ Exchange

The Alaska Division of Banking and Securities cautions Alaskans regarding a possible fraudulent investment scheme being advertised on various internet websites by the name of BG Wealth Sharing LTD associated with a cryptocurrency trading platform called DSJ Exchange PTY Ltd. The investments involve cryptocurrency, communication occurs using private messaging apps, rotating internet domain addresses, and promises of guaranteed AI based returns. Investors are learning about this through social media and word of mouth with investors recruiting family and friends to the program with promises of increased earnings or referral bonuses. The entities falsely imply global regulatory approval, and several U.S. states and international regulators have issued alerts or taken enforcement action. Alaskans should avoid sending money, cryptocurrency, or information to anyone associated with BG Wealth or DSJ Exchange. Investors can contact the Division of Banking and Securities at (907) 269-8140 or email securities@alaska.gov.

Denial of BAM Trading Services Inc.'s License Renewal

On January 8, 2024, the Division of Banking and Securities denied the renewal of the money transmitter license of BAM Trading Services Inc. dba Binance.US. The Division issued this letter to BAM Trading Services Inc.

For additional information on regulatory matters involving BAM Trading Services Inc., and many other financial industry businesses, please refer to NMLS Consumer Access. Additional information of Department of Justice action involving BAM Trading Services Inc., may be found here.

Non-Banking Financial Institutions to Report Data Security Breaches - Gramm-Leach-Bliley Act (GLBA)

The Federal Trade Commission (FTC) has approved an amendment to the Safeguards Rule that would require non-banking institutions to report certain data breaches and other security events to the agency. GLBA ensures the protection of consumers’ personal financial information. The Amendment will require non-bank financial institutions to report when they discover that information affecting 500 or more people has been acquired without authorization.

For more information please go to the Press Release on the FTC Website. Effective date is May 13, 2024.

Mortgage Loan Originators

Mortgage Broker-Lenders may require Mortgage Loan Originators (MLOs) to work from home to help prevent the spread of the COVID-19. The Division recognizes that these remote work arrangements are necessary during a state of emergency and will not take administrative or other punitive action against a licensed MLO or the sponsoring licensed company if the MLO conducts activities requiring licensure from home.