The Ohio Department of Commerce is warning Ohioans to be cautious when investing, buying or selling largely unregulated products such as cryptocurrency.

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

FTX’s parent company and 100 affiliates filed for bankruptcy on Nov. 11. It’s among several cryptocurrency exchanges that filed for bankruptcy this year. Others are Three Arrows Capital, Voyager Digital, Celsius Network and Blockfi. Some of these exchanges are registered or licensed with divisions within the Ohio Department of Commerce including FTX, which held a money transmitter license that was granted on Nov. 3. The agency has opened multiple investigations in connection with these entities.

Exchanges and other platforms have begun offering new financial products and services revolving around crypto such as crypto-backed loans, which allow you to use your portfolio as collateral to secure a loan. But they lack the same protections as traditional banks or investment accounts. If the cryptocurrency or platform that provides the account fails, those assets aren’t insured.

More than 22 percent of complaints for the Division of Securities this year have involved some type of investment through cryptocurrency.

Ohioans who have an account with a cryptocurrency company should check the company’s user agreement to determine if their funds are available in the event of bankruptcy, the Ohio Department of Commerce said.