The Bank of Portugal has warned CashFX Group about possible securities fraud.
As the Bank of Portugal warned on September 27,
Cash Fx Group S.A., which is based in Panama and runs through the website cashfxgroup.com, is not and has never been allowed to do any kind of financial business in Portugal that the Banco de Portugal is in charge of.
The Bank of Portugal is one of the best financial regulators in the world. In other places, their warning is the same as a securities fraud notice.
Portugal is the seventeenth country to warn investors about CashFX Group because of fraud.
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 have all taken similar steps as regulators.
From the Dominican Republic, where he lives, Huascar Lopez runs CashFX Group.
CashFX Group recently said that it had opened a head office in Panama, which is true.
Less people are going to CashFX Group’s website. Alexa says that 26% of traffic comes from Nigeria, 17% from Australia, and 10% from the US.
So far, authorities in these countries, as well as in the Dominican Republic and Panama, haven’t done anything about Lopez or his partners in crime.
7 December 2021 Update – This article used to have a marketing video for CashFX Group’s Panama office that was hosted on its official YouTube channel.
The CashFX Group YouTube channel was just shut down. So, I’ve taken down the link that was there before.
Update 18th January 2023 – Portugal’s Comissão do Mercado de Valores Mobiliários has also issued a CashFX Group securities fraud warning.