In 30 seconds
- Before depositing, look the platform up in the CMF's Registry of Financial Service Providers. Being registered is not enough: it must be authorized for that service.
- Also check the CMF alerts on unauthorized entities.
- No legitimate party asks for your recovery phrase, a payment to withdraw, or a signature to “verify”.
- Do not keep more on a platform than you need to operate.
How to check an exchange with the CMF
Under the Fintech Law (Law 21,521), companies that broker, hold or run trading platforms for crypto assets must register with the Financial Market Commission (CMF) and obtain authorization for each service. Companies already operating had until February 3, 2025 to apply.
- Search for the company's legal name. Use the registered corporate name, not just the brand, in the Registry of Financial Service Providers.
- Check the service and the status. A company can be registered for advisory services and still not be authorized to broker or hold assets.
- Cross-check the alerts. The CMF publishes alerts on unauthorized entities, and in 2025 and 2026 it included several crypto platforms.
- Distrust urgency. If you are pushed to deposit “before the spots run out”, stop and check.
“La sola inscripción no implica autorización” — registration alone does not mean authorization.
CMF, quoted by La Tercera, Jun 12, 2026
2026 case: Orionx
- Until June 2026 it operated under the Fintech Law's transitional regime, according to Diario Financiero.
- Jun 19, 2026: the CMF rejected its application (Official Letter No. 104672). On June 26 it reported the rejection of seven brokerage applications, including Orionx's.
- Sep 3, 2026: Orionx announced its closure and suspended withdrawals, as reported by the press.
- Sep 4, 2026: the CMF stated the entity “no se encuentra inscrita ni autorizada” (is neither registered nor authorized) and that it does not manage its closure or liquidation.
- Oct 15, 2026: according to the press, Orionx filed for voluntary liquidation at Santiago's 15th Civil Court, with debts of about CLP 19.13 billion.
The lesson for any user: a platform that keeps operating while its application is pending is not an authorized platform. Check the actual status with the CMF and do not keep more funds on a platform than you need to operate. If you are a client of a platform that is closing, keep proof of your balances and transactions, and follow only official channels: closures attract fake “fund recovery” services.
The scam patterns seen most often
The CMF, the PDI (Chile's investigative police) and investigative journalists describe the same scripts over and over:
| Pattern | What it looks like | The tell |
|---|---|---|
| Fake advisor | You arrive through an ad or a search; then an “executive” calls, often from a foreign number, and guides you on WhatsApp to deposit. | Contact you did not ask for, plus urgency. |
| On-screen gains | You deposit a little, see gains that double in hours, and they even let you withdraw once to earn your trust. | High, steady returns. |
| Pay to withdraw | When you try to cash out, a “tax”, “currency conversion” or “proof of legitimate funds” fee appears that you must pay first. | You are asked to pay in order to receive. |
| Real exchange as a bridge | You are told to open an account on a legitimate exchange and send funds from there to “their” platform. | A real exchange does not make their platform real. |
| Impersonation | Sites, apps or profiles that imitate CMF-supervised entities or use famous people. | Web addresses with swapped letters and celebrities who “recommend”. |
| Pyramid | You get paid to bring in others, or get a starting balance so you invite people. | The gain depends on adding people. |
| Romance scam | An online relationship that ends in an “investment opportunity”. | Someone you have never met asks you to invest. |
The CMF adds two concrete signs: payments to personal bank accounts instead of company accounts, and upfront fees.
Prefer the short version? We post explainers and alerts on X (@enschile) and Telegram (@enschile).
Scams specific to wallets and ENS names
With your own wallet the risk changes: nobody steals a password, they get you to sign.
- Malicious signature. A site asks you to sign to “verify” or “claim an airdrop”. If the transaction says approve or setApprovalForAll, you are granting permission to move your tokens or your entire collection.
- The buyer with an appraiser. Someone offers a lot of money for your ENS name or NFT, but first demands an “appraisal” or “certificate” from a specific paid provider. The appraiser is the scammer: a real buyer never asks the seller for money.
- Fake support. Nobody from an exchange, ENS or any wallet will message you first to help.
If you already signed something suspicious: from a clean device, review and revoke the permissions you granted (for example, with a block explorer's token approval checker such as Etherscan's) and move whatever is left to a new wallet.
If you were scammed
- Stop paying. No extra fee will release your funds.
- Keep the evidence: screenshots, conversations, wallet addresses and the identifier (hash) of every transaction.
- File a report with the PDI, the Carabineros police or the Public Prosecutor's Office (Fiscalía), and check whether the CMF has already issued an alert about that entity.
- Beware of “recovery” services. People who promise to recover your crypto for a fee are usually the second round of the same scam.
FAQ
Does being registered with the CMF mean an exchange is safe?
No. Registration and authorization are separate steps, and authorization is granted per service. Also, no authorization removes market risk or the risk that the company is badly run.
What should I do if my exchange suspended withdrawals?
Keep proof of your balances and transactions, follow only the official channels of the company and the CMF, and do not pay third parties who offer to recover your funds.
Is my own wallet safer than an exchange?
It removes the risk of a platform closing with your funds, but shifts the responsibility to you: if you lose the recovery phrase or sign something malicious, nobody can reverse it.
Sources
- CMF · Registry of Financial Service Providers (accessed Sep 10, 2026)
- CMF · Alerts on unauthorized entities (accessed Sep 10, 2026)
- CMF · Fintech Law registration deadline results (Feb 4, 2025)
- La Tercera · “Registration alone does not mean authorization” (Jun 12, 2026)
- CMF · Seven brokerage applications rejected (Jun 26, 2026)
- CMF · Statement on Orionx (Sep 4, 2026)
- Emol · Orionx closure (Sep 3, 2026)
- Diario Financiero · Orionx and the transitional regime (Sep 9, 2026)
- Meganoticias · Orionx files for voluntary liquidation (Spanish) (Oct 15, 2026)
- CIPER · Crypto scams multiply in Chile (Nov 19, 2025)
- CMF · Warning signs of fraudulent entities (accessed Sep 10, 2026)
- Diario Financiero · Crypto scams identified by the PDI (Apr 1, 2022)
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