CashFX Group has received a securities fraud warning from the Australian Securities and Investments Commission.

Identifying the Ponzi scheme as a “suspicious investment opportunity, ASIC
wrote on October 6th
;

Cash FX Group also known as ‘Cash Forex Group’ or ‘CFX’ is not licensed to provide financial services in Australia.

This is the equivalent of a securities fraud warning in other jurisdictions.

Do not transfer money (or more money) to Cash FX Group.

Contact your financial institution immediately to see if they can assist in tracing payments made.

When payments are made via crypto-assets, unfortunately there is less chance of recovering the money.

You do not need to lodge a report with ASIC as we have sufficient information at this time.

ASIC is also unable to assist in recovering your money.

It is extremely rare for ASIC to issue a securities fraud warning against an MLM company.

Australia is the eighteenth jurisdiction to issue a securities fraud warning against CashFX Group.

ASIC’s warning follows similar regulatory action by
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
.

Huascar Lopez operates CashFX Group from the Dominican Republic.

It is noted CashFX Group recently announced it had opened up a head office in Panama.

Traffic to CashFX Group’s is in decline. Alexa’s ranked top sources of traffic are Nigeria (23%), Australia (15%) and the US (13%).

To date authorities in the US and Nigeria, as well as the Dominican Republic and Panama, have failed to take action against Lopez or his co-conspirators.

🤖 Quick Answer

What is CashFX Group and why did ASIC issue a warning?
CashFX Group, also known as Cash Forex Group or CFX, is an unlicensed entity operating without authorization to provide financial services in Australia. ASIC issued a securities fraud warning on October 6th, identifying it as a suspicious investment opportunity and Ponzi scheme. The organization operates illegally in Australian jurisdiction.

What should individuals do if they have transferred funds to CashFX Group?
Individuals should immediately cease sending money to CashFX Group and contact their financial institution to trace any payments already made. Recovery chances depend on payment method; crypto-asset transfers offer minimal recovery prospects. No ASIC report is required as the commission possesses sufficient information regarding this fraudulent operation.

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