BoG cautions public about trading activities of BitCash Currency Exchange

The Bank of Ghana (BoG) has warned the public against a money doubling scheme known as “BitCash Currency Exchange and described the scheme as “fraudulent.”

It said the scheme had neither been licensed nor approved by the BoG.

A statement signed by the secretary, BoG, Sandra Thompson, and copied to the Ghanaian Times in Accra yesterday said “by this notice BoG wishes to inform the general public that it has not licensed such an entity or any other cryptocurrency exchange platform.”

 According to the statement, the “fraudulent scheme” did not reward investors as promised, adding that unsuspecting recipients of such messages who clicked on the hyperlink or forward such messages compromised the safety of their funds on their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list.

The BoG entreats the public to delete such message upon receipt and desist “from forwarding them to others while urging them to remove any member(s) on social media platforms from whom such messages were received as their accounts may have been compromised.”

 It also asked the public to verify with BoG or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

 The statement further encouraged the public to place deposits only with institutions licensed by the BoG in order to be accorded the necessary protection under the applicable banking laws.

It called on the public to 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 was on the Bank’s website.

 The statement asked the general public not to engage in any illegal activities and report such illegal activities and operators to Bank of Ghana at its Financial Stability Department Bank of Ghana Cedi House.

BY TIMES REPORTER

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