When it comes to securities fraud warnings, CashFX Group has been on a roll.
It’s hard to believe there is another crypto-based MLM company that has had this many fraud warnings…
South Africa and Ireland are not the only countries where fraud warnings have been issued; Panama, Bahamas, Canada, Jersey, New Zealand, Belgium, and the Philippines were among the others.
A fraud warning was issued by the Financial Services Commission of South Africa on July 2nd, 2021:
The FSCA has issued a public warning against Cash FX Group (CFX) which is not registered as an FSP in South Africa or authorised to provide any financial services.
In the past, Mirror Trading International has been busted by the FSCA, South Africa’s top financial regulator.
Financial regulation in Ireland is handled by the Central Bank of Ireland.
In response to the FSCA’s warning, Ireland issued their own warning on July 5th, 2021, which stated:
It has come to the attention of the Central Bank of Ireland (‘Central Bank’) that Cash FX Group (Panama) – cashfxgroup.com, instagram.com/thecfxgroup and facebook.com/thecfxgroup has been operating as an investment firm/investment business firm in the State in the absence of appropriate authorisations.
It is a criminal offence for an unauthorised firm/person to provide financial services in Ireland that would require an authorisation under the relevant legislation which the Central Bank is the responsible body for enforcing. Consumers should be aware, that if they deal with a firm/person who is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.
With this, the CashFX group has received fifteen securities fraud warnings worldwide.
The USA has not issued any statements, which really surprised me.
The majority of the time they are quite quick to react and CashFX Group has US residence.
Considering CashFX Group hasn’t paid its investors for months and has threatened to sue if any of their negative comments are revealed, it looks like they may be going under…
Is it possible for anyone affiliated with this company to look anyone in the eye when this company has already received fifteen fraud warnings?
Although there have been warnings after warnings, it is sad that some people will still fall victim to exit scams despite all of the warnings.
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