The Dominican Republic’s Superintendent of Banks has labelled CashFX Group a “fraudulent scheme”.
In a collection of tweets printed on November third, Superintendent Alejandro Fernandez W. acknowledged Dominican Republic authorities’ consciousness of CashFX Group.
There’s a fraudulent scheme mounted on crypto belongings referred to as “Money FX Group”.
Authorities in 18 jurisdictions have formally issued warning / warning notes because the scheme has unfold globally (from Norway to Australia through Nigeria).
Happily, I’ve not detected native exercise of this fraud inside Dominican territory, at the very least after checking their social networks and net site visitors in response to Alexa.
Being powered by cryptocurrencies, it has no impression on the Dominican banking sector.
The unhappy and unlucky factor is that on the head of this greater than clearly fraudulent scheme, there are two Dominicans.
I need to suppose that they’re “puppet” leaders and that they themselves will not be conscious of the size of fraud that they’ve incubated since they began selling “CashFX”.
As a Dominican, I by no means stop to remorse that our abilities, our residents, and subsequently the identify of the Dominican Republic, is related to a fraud of a world magnitude reminiscent of that of this scheme.
I don’t need to be within the sneakers of these two boys.
CashFX Group is run by Huascar Lopez and different Dominican Republic nationals.
Advertising of the corporate is spearheaded by Justin Halladay and Luigi Bruni, US and Canadian residents respectively.
Whether or not Dominican Republic authorities take additional motion towards CashFX Group and its founders stays to be seen.
The Superintendence of Banks is ‘chargeable for the supervision and regulation of the banking sector of the Dominican Republic’s monetary providers trade.’
CashFX Group neither makes use of Dominican Republic banks (at the very least not publicly), or recruits buyers within the nation.
Thus far nineteen jurisdictions have issued regulatory warnings towards CashFX Group; Singapore, Australia, Portugal, Sweden, Eire, South Africa, the Philippines, Belgium, New Zealand, Jersey, Canada (New Brunswick, Manitoba, Saskatchewan, Quebec and British Columbia), Panama, the Bahamas, Norway and the UK.
At time of publication, Alexa ranks Australia (19%), Nigeria (18%) and the US (10%) as high sources to CashFX Group’s web site.
Based mostly on latest social media posts, Lopez, Halladay and different CashFX Group scammers are at the moment in Italy.