6 October 2021
- ASIC is alerting investors about a suspicious investment ‘opportunity’ from Cash FX Group with the website: cashfxgroup.com.
- Cash FX Group encourages current investors to recruit new investors via social media and word of mouth.
- Do not transfer money (or more money) to Cash FX Group.
Cash FX Group also known as ‘Cash Forex Group’ or ‘CFX’ is not licensed to provide financial services in Australia, meaning that consumers will not have the same protections when dealing with an Australian financial services licensee. Regulators in the United Kingdom, New Zealand, Canada and other countries have issued alerts or warnings about Cash FX Group.
The Cash FX Group website predominantly promotes a ‘Trading Academy’ with various deposit plans. Upon investing in these plans, the website claims that a portion of the money will be allocated into a trading pool, where it will be managed by a team of in-house ’expert traders’ guaranteeing high passive returns.
Why ASIC is concerned
- Cash FX Group appears to be operating a financial services business in a manner that is likely to attract Australians to use its financial services. However, it is not licensed to provide financial services in Australia.
- Cash FX Group claims investors could earn returns of over 20% per month on their investments. Such rates of return should be treated with caution in the current environment.
- Cash FX Group accepts crypto-assets (or cryptocurrencies) as payment. Consumers do not have the same protections as they would if they paid by other means, for example if they paid by credit card.
What to do if you invested through Cash FX Group
- Do not transfer more money to this entity.
- Contact your financial institution immediately to see if they can assist in tracing payments made. When payments are made via crypto-assets, unfortunately there is less chance of recovering the money.
- You do not need to lodge a report with ASIC as we have sufficient information at this time. ASIC is also unable to assist in recovering your money.
Further support
If you need someone to talk to, contact:
- Lifeline: 13 11 14 (24 hours) or crisis support online chat (7pm – 12am)
- Beyond Blue: 1300 22 46 36 (24 hours) or web chat (1pm – 12am)
If you are experiencing problems with debt talk to:
- National Debt Helpline: 1800 007 007 (Monday to Friday 9.30am to 4.30pm) or chat online.
ASIC is Australia’s corporate, markets and financial services regulator.