The Dominican Republic’s Superintendent of Banks has labelled CashFX Group a “fraudulent scheme”.
In a series of tweets published on November 3rd, Superintendent Alejandro Fernandez W.
acknowledged
Dominican Republic authorities’ awareness of CashFX Group.
There is a fraudulent scheme mounted on crypto assets called “Cash FX Group”.
Authorities in 18 jurisdictions have officially issued warning / caution notes as the scheme has spread globally (from Norway to Australia via Nigeria).
Fortunately, I have not detected local activity of this fraud within Dominican territory, at least after checking their social networks and web traffic according to Alexa.
Being powered by cryptocurrencies, it has no impact on the Dominican banking sector.
The sad and unfortunate thing is that at the head of this more than obviously fraudulent scheme, there are two Dominicans.
I want to think that they are “puppet” leaders and that they themselves are not aware of the scale of fraud that they have incubated since they started promoting “CashFX”.
As a Dominican, I never cease to regret that our talents, our citizens, and therefore the name of the Dominican Republic, is associated with a fraud of a global magnitude such as that of this scheme.
I don’t want to be in the shoes of those two boys.
CashFX Group
is run by Huascar Lopez and other Dominican Republic nationals.
Marketing of the company is spearheaded by Justin Halladay and Luigi Bruni, US and Canadian citizens respectively.
Whether Dominican Republic authorities take further action against CashFX Group and its founders remains to be seen.
The Superintendence of Banks is
‘responsible for the supervision and regulation of the banking sector of the Dominican Republic’s financial services industry.’
CashFX Group neither uses Dominican Republic banks (at least not publicly), or recruits investors in the country.
To date nineteen jurisdictions have issued regulatory warnings against CashFX Group;
Singapore
,
Australia
,
Portugal
,
Sweden
,
Ireland
,
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 top sources to CashFX Group’s website.
Based on recent social media posts, Lopez, Halladay and other CashFX Group scammers are currently in Italy.
🤖 Quick Answer
What is CashFX Group according to Dominican authorities?CashFX Group has been officially labeled as a fraudulent scheme by the Dominican Republic's Superintendent of Banks, Alejandro Fernandez W., in statements published on November 3rd. The scheme operates using cryptocurrency assets and has expanded internationally across multiple jurisdictions.
How widely has CashFX Group fraud spread globally?
Authorities in 18 different jurisdictions have issued official warning and caution notices regarding CashFX Group. The fraudulent scheme has expanded geographically from Norway to Australia, including affected regions in Nigeria and beyond, demonstrating its international reach.
What is the current status of CashFX Group activity in Dominican Republic?
As of the supervisory authority's assessment, no significant local activity of CashFX Group fraud has been detected within Dominican territory. Web traffic analysis and social network monitoring indicate minimal presence, suggesting limited operational
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