CashFX Group transactions blocked by Firi crypto exchange
CashFX Group related transactions are being blocked by the Firi.
Firi is a Norwegian cryptocurrency exchange that claims to have over 130,000 clients.
Quoting a paywalled DN article, NorwayToday reports Firi first became aware of CashFX Group in 2019.
“In the beginning, there were very many users in a short time that we discovered that used Firi for trading in the Cash FX system”, stated founder and CEO Thuc Hoang.
Citing a “landslide” of CashFX Group regulatory warnings, Hoang states CashFX Group was blocked because it engages in “activity that violates our terms”.
Activities such as money laundering, terrorist financing, fraud, sale of products and / or services in violation of Norwegian law, gambling without a permit in Norway, pyramid schemes and other types of illegal activity are some of the things Firi points out.
As Cash FX is not licensed to operate investment services in Norway in Norway, members are thus excluded from using Firis’ platform for transfers to Cash FX, Hoang points out.
Norwegian authorities have issued three regulatory warnings against CashFX Group.
Hoang claims Firi has thus far sent out over 150 warnings to clients whose transactions were blocked.
DN quotes discussion among Norwegian CashFX Group investors in a private FaceBook group discussing the ban.
“Now the wife and I can not have the same account. I use Firi (formerly MiraiEx).”
Firi was launched as MiraiEx in 2017. The Firi name-change occurred in September 2021.
“She is not allowed to have an account there because she told them she was using the account for CashFX.
So I have helped her create an account with Binance”, writes one member.
“Recommend staying away from Firi… They close your account when they find out you are transferring from CFX to Firi”, adds another.
Binance, one of the world’s largest cryptocurrency exchanges, evidently doesn’t care if accounts are used to participate in fraudulent investment schemes.
Citing the Wall Street Journal, earlier today the Verge reported Binance and CEO Changpeng Zhao are under a new SEC investigation.
Binance is already under investigation for potential fraud offenses by the DOJ, IRS and CFTC.
While there are active CashFX Group investors in Norway, recruitment has mostly collapsed.
Based on Alexa traffic analysis, CashFX Group is currently being promoted across Australia (20%), the US (12%) and Liberia (11%).