Crypto Scams in Chile
Cryptocurrency fraud in Chile ranges from fake exchange apps to celebrity-endorsed token launches, exploiting the absence of specific crypto regulation.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Chile lacks dedicated cryptocurrency legislation, meaning crypto assets fall into a regulatory grey zone monitored loosely by the CMF and the Unidad de Análisis Financiero (UAF). Scammers exploit this ambiguity, claiming their platforms are 'not required to be licensed' while targeting Chilean investors through social media.
Localised exchanges such as Buda.com and Orionx are legitimate, but fraudsters create lookalike apps or websites designed to capture login credentials or redirect deposits. The popularity of WhatsApp and Instagram among Chilean adults makes these the primary distribution channels for crypto fraud.
How this scam works on Chile
Fake celebrity endorsements — often featuring Chilean business figures or footballers — circulate on Facebook and YouTube promoting new token launches or crypto-doubling schemes. Victims are directed to fraudulent websites where they deposit BTC or USDT; the site shows inflated balances but blocks withdrawals.
Phishing attacks impersonating Buda.com or Orionx send emails with fake security alerts, tricking users into entering their credentials on mirror sites. SIM-swap attacks targeting Chilean mobile numbers (exploiting Entel, Movistar, and Claro networks) are used to bypass SMS two-factor authentication on legitimate exchange accounts.
P2P scam trades are also common: a buyer pays by bank transfer, then files a chargeback with the bank after receiving crypto, leaving the seller with neither the funds nor the crypto.
Common red flags
- Celebrity or influencer promotion of a token launch or crypto multiplier scheme
- Exchange or wallet app not listed on official app stores or with poor reviews
- Website URL that closely resembles a known exchange but with slight spelling changes
- Requests to disable 2FA 'for security reasons' before a transaction
- P2P buyer insisting on reversible payment methods such as bank transfer for a crypto purchase
- Withdrawal requires a 'Chilean tax clearance certificate' payable upfront
How to protect yourself
- Use only established Chilean exchanges (Buda.com, Orionx) accessed via bookmarked URLs
- Enable app-based authenticator 2FA rather than SMS-based 2FA to reduce SIM-swap risk
- Never click links in emails claiming to be from an exchange; navigate directly
- For P2P trades, use escrow-based platforms and confirm irreversible payment before releasing crypto
- Check the UAF's list of reported suspicious entities at uaf.cl
- Keep the majority of crypto holdings in a hardware wallet offline
How to report it
- Report phishing or fake websites to CSIRT Chile at csirt.gob.cl
- File a complaint with the PDI BRICIB cybercrime unit for financial fraud
- Notify the UAF if you suspect money laundering through a crypto platform at uaf.cl
Frequently asked questions
Are crypto exchanges regulated in Chile?
Chile does not yet have a dedicated crypto-asset law. Exchanges operate under general commercial and anti-money-laundering rules. A regulatory framework was under legislative discussion as of 2026; check the CMF website for the latest status.