After getting the boot from Basis ID, CashFX Group has informed affiliates it is suspending its KYC rollout.

As per an email sent out to affiliate investors on or around August 9th, CFX Corporate Team wrote;

We are temporarily pausing our KYC process until solutions are in place to ensure an opportunity for success for all members, regardless of their background or place of residence.

This pause will not be long but will allow the CFX Corporate Team to do what is needed for a successful KYC / AML process.

Rather than just be honest about Basis ID giving them the boot, CashFX Group is hiding behind affiliates not having documentation.

As a result of our extraordinary growth, with members joining CFX from all corners of the world, we have become aware that a significant number of people may not have access to the document required to KYC yourself.

CFX was built and launched to assist all people in building a brighter future, not to highlight the inequality that we still see around the world today. We are here to be part of the solution.

CashFX Group had procured KYC services through Basis ID using a shell company and dodgy merchant.

Upon learning of the deception and doing their due-diligence, Basis ID promptly
terminated CashFX Group’s access
.

This is the reason CashFX Group has halted its KYC roll out. It has nothing to do with required documentation or a lack thereof.

Evidently finding a company willing to provide KYC to a Ponzi scheme is going to take a while, so here we are.

CashFX Group are probably setting up new shell companies to deceive some other KYC company as you’re reading this.

🤖 Quick Answer

What caused CashFX Group to pause its KYC process?
CashFX Group suspended its Know Your Customer rollout following its removal from Basis ID in August. The company cited the need to address documentation challenges among its globally diverse membership base and implement improved KYC/AML procedures before resuming the verification process.

Why did CashFX Group need to implement KYC procedures?
KYC procedures are regulatory requirements for financial service providers to verify customer identities and prevent money laundering. CashFX Group's rapid international expansion necessitated implementing compliant verification systems to meet anti-money laundering standards and regulatory obligations.

What was the stated reason for the KYC pause?
CashFX Group claimed the pause was necessary because significant numbers of members lacked proper documentation due to their diverse geographic origins. The company stated it needed time to establish solutions ensuring successful KYC compliance regardless of

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