Ohio - The Ohio Department of Commerce issued a consumer alert for Ohioans to be cautious when buying, selling or investing in cryptocurrency.

The department's Division of Financial Institutions issued a license revocation order on Friday against West Realm Shire Service Inc., doing business as FTX, after the company ceased crypto trading on its exchange and serious of fraudulent conduct were raised.

FTX's parent company and 100 affiliates filed for bankruptcy on November 11.

They're one of several cryptocurrency exchanges that filed for bankruptcy in 2022.

Exchanges and other platforms have begun offering new financial products and services revolving around crypto. If the cryptocurrency or platform that provides the account fails, those assets aren't protected.

According to the release, over 22% of complaints for the Division of Securities involved some type of investment through cryptocurrency. During the same time, the Division acted against four crypto platforms including some engaged in fraud and misrepresentations.