CashFX Group has been labeled a “fraudulent enterprise” by the Dominican Republic’s Superintendent of Banks.
Superintendent Alejandro Fernandez W. confirmed Dominican Republic authorities’ notice of CashFX Group in a series of tweets released on November 3rd.
The “Cash FX Group” is a fraudulent scam based on crypto assets.
As the fraud has grown abroad, authorities in 18 nations have issued formal warnings or caution notices (from Norway to Australia via Nigeria).
Fortunately, I have not discovered any local activity of this fraud within the Dominican territory, at least not after reviewing their social networks and Alexa traffic.
It does not affect the Dominican banking system because it is fueled by cryptocurrency.
The terrible and regrettable issue is that two Dominicans are at the helm of this fraudulent scam.
I’d like to believe that they are “puppet” leaders who are unaware of the extent of deception that has developed since they began pushing “CashFX.”
As a Dominican, I will never stop regretting that our abilities, our countrymen, and therefore the name of the Dominican Republic, are involved with a world-scale deception such as that of this scheme.
I don’t want to be in those two lads’ shoes.
Huascar Lopez and other Dominican Republic citizens operate CashFX Group.
Justin Halladay and Luigi Bruni, both US citizens, are in charge of the company’s marketing.
It remains to be seen whether Dominican authorities take additional action against CashFX Group and its owners.
The Superintendence of Banks is responsible for the supervision and regulation of the Dominican Republic’s banking sector in the financial services industry.’
CashFX Group does not use Dominican Republic banks or seek investors in the nation (at least not openly).
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 United Kingdom have all issued regulatory warnings against CashFX Group.
At the time of writing, Alexa ranked Australia (19%), Nigeria (18%), and the United States (10%) as the leading sources of traffic to CashFX Group’s website.
Lopez, Halladay, and other CashFX Group scammers are now in Italy, according to recent social media posts.