No Cryptocurrency Exchange Platforms Registered Under BoG

Governor of the Bank of Ghana, Dr. Ernest Addison
Governor of the Bank of Ghana, Dr. Ernest Addison

The Bank of Ghana (BoG) has cautioned the public about the activities of a money-doubling scheme that operates under the name “BitCash Currency Exchange” and claims to have approval from the central bank.

The Bank of Ghana, in a notice, says it has not licensed such an entity or any other cryptocurrency exchange platform.

The BoG said the scheme is fraudulent and does not reward investors as promised.

According to the central bank, “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.”

The BoG has, thus, advised the public as follows:

i.                    Delete such messages upon receipt and desist from forwarding them to others.

ii.                   Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.

iii.                 Verify with the Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

iv.                 Place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the necessary protection under the applicable banking laws.

v.                   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.

The central bank encouraged the public not to engage in such activities and to report such illegal activities and illegal operators, to the Bank of Ghana at:

Financial Stability Department Bank of Ghana Cedi House 1 Thorpe Road P. O. Box 2674 Accra, Ghana.

Tel.: 030 266 5005; 059 691 2354; 050 150 2270


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