SC of the Bahamas Issues Warning Against Cash Forex Group

Fazzaco learned that the Securities Commission of The Bahamas (SCB) has issued a warning against an entity referred to by various designations, namely CASH FOREX GROUP, CASH FX GROUP, CASH FX GROUP S.A., CFX, CFX GROUP (collectively Cash Forex Group).

The Commission highlighted that neither Cash Forex Group, nor its agents and/or its consultants, are registrants of the SCB and they have not made application for registration with the Commission. Therefore, any conduct of registrable activity by this organization, its agents or consultants in or from this jurisdiction is a violation of one or more Acts.

The Commission has determined that Cash Forex Group is a Multi-Level Marketing (MLM) entity using the website https://cashfxgroup.com. There are several levels by which individuals may join the plan, the lowest being $300.00. Each level has a different percentile payout with the larger pay-ins paying a greater percentile of any purported profit earned.

Cash Forex Group, operating under the various above-listed names, is targeting citizens of The Bahamas via numerous Zoom meetings claiming the following:

• That its members or participants here in The Bahamas do not have to conduct trades themselves, as there are teams of professionals at Cash Forex Group who trade on their behalf, despite the fact that Cash Forex Group and its agents are not registered with the Commission to trade for others.

• That Cash Forex Group's Bahamian clientele would earn 1% interest per day for five days of the week on money invested with Cash Forex Group.

• That Cash Forex Group's members and guests do not have to recruit anyone on behalf of the company. However, current Bahamian participants continue to be encouraged, via Zoom meetings, to facilitate the signing up of new participants and their subsequent depositing of cash with Cash Forex Group, an act for which the facilitators are promised financial rewards.

In addition to the SCB, 18 other regulators have also issued a warning against Cash Forex Group, including the Financial Conduct Authority (FCA) of the United Kingdom, the Australia Securities Investments Authority (ASIC), the Securities and Exchange Commission (SEC), the Financial Markets Authority​ (FMA) of New Zealand, the Financial Sector Conduct Authority​ (FSCA) of South Africa, and the Monetary Authority of Singapore (MAS).