Basis ID, a third-party KYC software provider, has publicly stated it has no agreement with CashFX Group, SA. The company discovered its verification tools were being used by CashFX Group through an unauthorized shell merchant. This revelation came after CashFX Group claimed to have implemented Basis ID's software on its website.
Basis ID Chief Marketing Officer Anton Ossipovski confirmed the company does not provide KYC services to CashFX Group. He stated that no service agreement existed between the two entities. The terms and conditions on CashFX Group's website did not list Basis ID as a data processor or partner.
The investigation revealed that a separate company violated its service agreement with Basis ID by transferring its verification tools to CashFX Group. This action is strictly prohibited under Basis ID's terms. Consequently, the unauthorized verification capabilities have been disabled. The contracting company has received claims and a notice of impending legal action.
Basis ID views its goal as combating fraud and stands with the victims of CashFX Group. Ossipovski urged individuals who submitted identification documents before CashFX Group's access was revoked to contact Basis ID for further clarification.
The attempt by CashFX Group to implement KYC software appears to be part of a strategy to deny affiliate withdrawal requests. Such measures create additional barriers for users seeking to access their funds. The company's inability to secure a direct KYC solution from a reputable provider suggests CashFX Group itself would likely fail such verification processes.
Following this failed implementation, CashFX Group informed affiliates on August 11, 2021, that it was pausing its KYC rollout.