CashFX Group launched KYC a little while back after they had a hard time trying to keep up with Bitcoin Payments that were promised to their investors and affiliates.
After one of their disgruntled but loyal affiliates boldly told me that CFX had ‘cancelled’ KYC and what do I have to say next?
Fylyx Saqasaqa • 2 days ago
They just cancelled KYC, now what do they have to say?
After I looked into that comment, this is what I found out…
Back in the beginning of May 2021, BTC prices dropped down to below $38,000 USD compared to the previous month before in April where Bitcoin was trading for $54,000.
Why does this have anything to do with BTC when Cashfx was supposedly trading forex?
Because there was never any Forex Trading happening (and still not happening there).
After Cashfx couldn’t honor their promised ROI payout to investors, their Admins came up with a variety of excuses from payment processors issues getting delayed because some of the supposed parts for the processor were left in back of a broken down truck to the launch of KYC.
Ponzi schemes like Cashfx never start out with KYC in the beginning and only implement it ‘after’ they start collapsing and can’t keep up with investor withdrawals.
KYC means “Know Your Customer”, and this would have meant that CFX affiliates and investors would not have to comply with more stricter identity proving documents (that most of them wouldn’t qualify).
But shortly after Cashfx Group iniated KYC they cancelled it because they themselves couldn‘t ‘comply’ with the KYC 3rd party service provider.
Anton Ossipovski (KFC Service Provider – Basis ID):
We have conducted an investigation and we finally can declare with confidence that we do not provide KYC service to CASH FX GROUP, SA.
BASIS ID never signed any service agreement with this company, and the terms and conditions (T&C) of CASH FX GROUP, SA. do not describe BASIS ID as a data-processor or KYC partner either.
During the investigation, we have identified the company that transferred verification tools to CASH FX GROUP, SA. Such action is strictly prohibited by the T&C the company signed with BASIS ID. At the moment, all verification capabilities are disabled, data is isolated from access by third parties, and the company that violated the terms of the contract has already received a notice that we will take further legal action.
We see our purpose in fighting against fraud and are completely on the side of the victims of CASH FX GROUP, SA.
We are ready to provide all information about personal data by e-mail email@example.com and will support any decisions of regulators on this case.
So in a nutshell…
Cashfx tried to ‘cut out’ some of their investors from getting paid by leveraging KYC but after word got out on the street, the third party KYC service provider ended up giving CFX the boot because they themselves couldn’t pass the KYC requirements legally either.
Rory Singh is a Home Business Development Coach, Blogger and You Tube Publisher
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