Bank Of Ghana Warns of Unlicensed Bitcash Currency Exchange

By Maxwell Nkansah

The Bank of Ghana says it has not licensed the “BitCash Currency Exchange” money doubling scheme claiming to have the approval of the Central Bank.

A statement by the Bank of Ghana warned the 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”.

It noted that unsuspecting recipients of such messages who clicked on the hyperlink or forwarded 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 BoG advised the public to, therefore, “delete such messages upon receipt and desist from forwarding them to others.”

It called on individuals to remove any member(s) on social media platforms from whom such messages were received as their accounts may have been compromised.

“Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, before depositing funds with them or patronizing their services,” it added.

Also, the BoG urged the public to place deposits only with institutions licensed by the Bank of Ghana, so 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’ titled NOTICE NO. BG/GOV/SEC/2020/12 which can be found on the Bank’s website,” it further advised the public.

The general public is encouraged not to engage in such activities and to report such illegal activities and illegal operators, to the Bank of Ghana at the Financial Stability Department.

 

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