Fraud Alert! We have not licensed “BitCash Currency Exchange; a money doubling scheme – Bank of Ghana.

The Bank of Ghana, in a statement, has cautioned the public to desist from doing business with a money doubling scheme by the name “BitCash Currency Exchange.”

According to the Bank of Ghana, it has not licensed such an entity or any other cryptocurrency exchange platform.

“Bank of Ghana wishes to bring to the attention of the general public, a money doubling scheme which operates under the name “BitCash Currency Exchange” and claims to have approval from Bank of Ghana. By this Notice Bank of Ghana wishes to inform the general public that it has not licensed such an entity or any other cryptocurrency exchange platform”, the statement said.

“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.”

To this aim, the Bank of Ghana recommended people to delete such messages immediately after receiving them and not to transmit them to others.

It also wants Ghanaians to remove any members on social media platforms from whom such messages are received because their accounts may have been compromised, and to check the licensing status of persons or entities with the Bank of Ghana or other relevant authorities before depositing funds with them or using their services.

It also advised the public to make deposits only with institutions licensed by the Bank of Ghana in order to receive the necessary protection under the applicable banking laws, as well as review and familiarize themselves with the Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading Systems’, titled NOTICE NO. BG/GOV/SEC/2020/12, which is available on the Bank’s website.

It urged the general people to refrain from participating in such activities and to report illegal operations and operators.

Read the full statement:

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