Don’t patronize BitCash Currency Exchange, it’s a fraudulent scheme-BoG

The Bank of Ghana has cautioned the public against the patronage of the services of a money doubling scheme operating under the name “BitCash Currency Exchange”.

The central bank says the company is falsely claiming to have approval from the Bank, when they have not been authorised ro operate.

The BoG described the claim as fraudulent.

According to the Bank of Ghana, neither has it licensed the entity or any other cryptocurrency exchange platform, nor approved of its operations.

“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 Bank said.

In view of this, the Bank of Ghana advised general public to take the following steps:

Delete such messages upon receipt and desist from forwarding them to others.

Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.

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.

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.

Review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’.

The BoG encouraged the general public not to engage in such activities but to report such illegal activities and illegal operators using the following contacts:

Financial Stability Department
Bank of Ghana
Cedi House
1 Thorpe Road
P. O. Box 2674
Accra, Ghana

By: Rainbowradioonline.com/Ghana

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