‘BitCash Currency Exchange’ Not Licensed– BoG warns

The Bank of Ghana (BoG) is warning the public against a fraudulent money doubling scheme which operates under the name “BitCash Currency Exchange”.

BoG said the company which claims to have approval from the central bank is false.

According to central bank, the company has not been licensed as an entity or any other cryptocurrency exchange platform.

Notice-on-Money-Doubling-Scheme-Bitcash-Currency-Exchange-BoG-Notice-BG-GOV-SEC-2022-02-8th-March-2022-1Download

“This fraudulent scheme does not reward investors as promised. Unsuspecting recipients of such messages who click on the hyperlink or forward such messages compromise the safety of their funds, their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list.

“The general public is advised as follows: i. Delete such messages upon receipt and desist from forwarding them to others. ii. Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.

iii. Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

iv. Place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the necessary protection under the applicable banking laws.

“v. Review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO.
BG/GOV/SEC/2020/12 which can be found on the Bank’s website.”