The Bank of Ghana (BoG) has warned the public against engaging in activities with BitCash Currency Exchange, a money doubling scheme claiming to have been given approval by the central bank to operate.
BoG in a public notice signed by its secretary, Sandra Thompson, indicated that it had not licensed such an entity or any other cryptocurrency exchange platform.
“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,” it said.
Portions of the notice also advised the public to delete such messages upon receipt, and desist from forwarding them to others.
“Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised,” it said.
“Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities prior to depositing funds with them or patronising their services,” it further advised.
The central bank also encouraged the citizenry to place deposits only with institutions it has licensed to operate in order to be accorded the necessary protection under the applicable banking laws.
BoG further advised 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 can be found on the Bank’s website.”