Usually an MLM Ponzi scheme launches with or switches to cryptocurrency to keep away from monetary regulation.

Then there’s CashFX Group who, following two years of ongoing crypto withdrawal issues, have now satisfied traders they’ll be paid by means of a debit card.

CashFX Group is a Ponzi scheme that has to date acquired fraud warnings from at least 18 international locations.

Naturally this implies they’ll’t go wherever close to conventional finance utilizing their very own firm identify. As a substitute CashFX Group has gone the shell firm –> dodgy service provider route.

To that finish CashFX Group arrange the UK shell firm BullnBear Pay:

CashFX Group introduced BullnBear Pay by way of a communication despatched out on June 18th:

BullnBear Pay is hosted off the area “bullnbearpay.com”.

BullnBear Pay’s area was privately registered on April twenty third, 2022. Notice nonetheless that the BullnBear Pay web site solely went dwell final week.

Bull & Bear Funds Ltd “BnB Pay” is a digital banking different. We offer our prospects with multi-currency cost accounts, with a purpose to facilitate cross border transactions.

BnB Pay is related to all main cost networks, enabling people and firms to transact with their counter events worldwide, instantly.

As per BullnBear Pay’s web site T&C, we be taught:

These authorized phrases (English regulation applies and disputes shall be settled by English courts) are between you and Bull & Bear Funds Ltd.

Bull and Bear Funds LTD is a UK shell firm integrated on June sixth.

Paul Alberto Mendoza of Panama is the Bull and Bear Funds LTD’s sole listed officer. Moderately than present his handle although, Bull and Bear Funds LTD was integrated by means of an handle belonging to a UK incorporation service.

Nothing publicly ties Paul Alberto Mendoza to CashFX Group. Whether or not he even exists is unclear.

Bull and Bear Funds LTD’s acknowledged nature of enterprise is

66190 – Actions auxiliary to monetary intermediation not elsewhere labeled

If we scroll a bit additional down on BullnBear Pay’s web site T&C, we moreover be taught;

BnB Pay brings you the app and the web site which allow you to entry your cash. We don’t maintain your cash or present a card so that you can spend your cash with.

We’re licensed brokers of Blackthorn Finance Restricted, (“Blackthorn Finance Restricted”) who present an e-money account the place your funds are held (your account). Your settlement with them is listed right here: Blackthorn Finance Restricted Phrases (http://www.blackthornfs.com/).

BlackThorn Finance Restricted’s web site area was registered in September 2020.

Blackthorn Finance Restricted is an authorised cost establishment and controlled by the Monetary Conduct Authority (FRN 927408) underneath the Cost Providers Laws 2017 (PSRs).

And this seems to be the dodgy service provider CashFX Group is hoping to subject Mastercard debit playing cards by means of.

Besides right here’s the place issues get just a little unusual. Nicely, more bizarre.

“Blackthornfs.com” may need been registered in 2020, however the present web site didn’t go dwell till November 2021.

Moreover, should you click on on the supplied FaceBook hyperlink on Blackthorn Finance’s web site, you’re taken right here:

That’s a distinct area, and the FaceBook web page was solely arrange a couple of months in the past in February?

A go to to Blackthorn Finance at “blackthorn.finance” reveals an similar web page design to “blackthornfinancefs.com”.

One is a replica of the opposite and I imagine the latter, CashFX Group’s dodgy web page, is the copy.

That is primarily based on:

a hyperlink to “blackthorn.finance” in CashFX Group’s “blackthornfs.com” source-code (see above)
“blackthornfs.com” not having an SSL safety certificates arrange (unsecured finance companies web sites haven’t been a factor for years)
supplied Blackthorn Finance particulars within the FCA database not pointing to CashFX Group’s “blackthornfs.com” area (see under)

One factor that doesn’t add up is CashFX Group’s “blackthornfs.com” offering the identical app hyperlinks as Blackthorn Finance’s “blackthorn.finance” web site.

Seeing as CashFX Group associates are being directed to enroll by means of “bullnbearpay.com” although, maybe they figured it doesn’t matter.

Presently I can’t affirm or deny a hyperlink between “blackthornfs.com” and “blackthorn.finance” with absolute certainty. Primarily based on what info is out there although, it appears CashFX Group has arrange a clone website.

Which begs the query who then is offering the Ponzi scheme with service provider entry to MasterCard?

Of concern are CashFX Group associates being instructed to offer KYC particulars to BullnBear Pay: