Beonbit has received a desist and refrain fraud order from California’s Department of Financial Protection and Innovation (DFPI).

As per DFPI’s August 13th Beonbit order;

Beginning at least as early as 2025, Beonbit offered and sold securities in the form of investment contracts in California through general solicitations on its website.

The investments offered by Beonbit were securities that were neither qualified nor exempt from the qualification requirement under the CSL.

The Department has not issued a permit or other form of qualification authorizing Beonbit to sell these securities in California.

Based on the foregoing findings, the Commissioner is of the opinion that the securities offered or sold by Beonbit Pty Ltd were subject to qualification under the CSL and have been or are being offered or sold without first being qualified in violation of Corporations Code section 25110.

Pursuant to Corporations Code section 25532, Beonbit Pty Ltd is hereby ordered to desist and refrain from the further offer or sale of securities in California, including but not limited to investment contracts, unless and until the qualification requirements of the CSL have been met.

Beonbit was a Boris CEO MLM crypto Ponzi fronted by “Richard Bates”.

The actor playing Bates had an eastern-European accent. This tracks with the majority of Boris CEO Ponzi schemes being run by Russian, Ukrainian and/or Belarus scammers.

Launched in late 2023 but only gaining traction towards the end of 2024, Beonbit collapsed in May 2025.

Beonbit’s collapse coincided with a pyramid fraud issued by the Central Bank of Russia that same month.