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CashlessPay Group, the company, is a cryptocurrency pyramid scheme that is offering investors an opportunity to invest with the first approved government digital currency. The platform has a coin by the name Singapore currency.
The Ponzi scheme is bragging that the Singapore coin has great potential in the market. The person who is responsible for this currency is anonymous. The company is promising investors huge profits within a few months. Additionally, the shady platform also guarantees you can exchange the currency with Fiat money in any financial institution.
The withdrawal process allegedly takes only a few minutes. The big question that you should be asking yourself is, does the government of Singapore endorse the CashlessPay Group? We will discuss that in more detail just stay with us
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CashlessPay Group Review
CashlessPay Group is the lazy Ponzi scheme that has copied the content of another legit platform known as ORCA. The information regarding the owner is hidden from the public.
The company does not have any track record that investors can use to verify the coin is indeed profitable. CashlessPay Group expects investors to rely on their word only. Keeping in mind that they don’t have a trading history, it is wise that you look for another alternative.
Ensure you always research a product or services before investing your hard-earned money. Considering that no one supervises the activity of this company, you should not engage with it.
The website is poorly designed, and the content they have is vague. Cryptocurrencies have become popular in the market; however, you should not be manipulated by the Ponzi scheme into believing that the currencies will be adopted anytime soon by various government or replace fiat money.
There is no coin by the name SG-Coin. If you buy the currency, you will not be able to exchange it or use it since it is useless. Additionally, when you purchase the coin, the company will link you to regulated brokers in the market. They will then make a fat commission when you sign up hence making money at your expense.
Customer Support and Regulation
A lot of investors and wondering if CashlessPay Group is a regulated company. Despite their false claims of being approved by the government of Singapore, we found that the platform is blacklisted.
The Monetary Authority of Singapore (MAG) issued a warning to citizens warning them against this platform. It is clear that the country has not adopted cryptocurrency as a form of payment, even the worst CashlessPay Group is running illegally.
The red flag is enough evidence that the company is a Ponzi scheme. MAS oversees all the operations of financial investment firms in the market. We also did check with another financial watchdog in the industry to see if CashlessPay Group is in its list of regulated entities. Unfortunately, this is a platform that is collecting funds from investors across the world, yet they have not met the requirement that has been put in place by the authority.
Additionally, the Ponzi scheme does not disclose its actual location. It is determined to remain discreet at all costs. It is clear that the platform will not be in the industry for long. Eventually, their system will collapse with investors’ money, and no one will come to the rescue of the innocent victims.
The website is being run by professional scammers who know what they are doing. Investors will never recover their money. The only way you can avoid losing money is by investing with regulated investment companies.
Furthermore, CashlessPay Group also fails to provide contact details that investors can use in case they want to contact the company. We did not find a telephone number or an email address on their website.
Fake testimonials
The company is trying so hard to appear as a legit platform and win the favor of investors. On their platform, it features reviews from alleged users. We were able to find false testimonials from people pretending to have invested in the coin.
They all seem satisfied with the services that CashlessPay Group is offering. Unfortunately, there is not even a single customer who has published their payment evidence. In addition to that, the company claims to be endorsed by various news outlets and other platforms that feature cryptocurrency means.
The truth of the matter remains that the company is a Ponzi scheme. Moreover, what the present is misleading and CashlessPay Group has not been featured in this platform. Ponzi scheme will do anything in their power to gain trust among investors.
The method of using cherry-picked testimonial is not something new as we have grown past it. Normalize on looking for proof of payment instead of relying on what the company is display on its website.
Is CashlessPay Group Scam?
Yes, a company is clearly untrustworthy and a scam that you should avoid at all costs. They have many loopholes that don’t add up. CashlessPay Group has proven that they will use all means to gain the trust of investors.
The company falsely claims they are the legal Singapore coin, while in reality, no one knows anything about this currency. The firm has not been in the industry for more than one year. Additionally, they promise to make investors millionaires within a ridiculous timeline.
The founder is determined to stay civil, no matter what. The financial regulatory body of Singapore has also issued a warning against this Ponzi scheme. No history is available on the platform. The company also lie about being verified by leading platforms, which is not correct.
The testimonials that CashlessPay Group is manufactured and made up. The platform is doomed to fail, and those who fall victim shall regret later. The company does not have any banking information or the withdrawal process in detail.
It is currently unknown the method they are paying for cashing in and withdrawing. If the only way available is cryptocurrency payment, you should remember that you cannot reverse or trace your cash. Furthermore, the platform does not have banking information handy.
Final Verdict
CashlessPay Group is a platform that is operating illegally. It is marketing itself as a digital currency that is approved by the government of Singapore, with the information is wrong and misleading since the company turns out to be operating illegally. The Ponzi scheme is promising users quick riches within no time.
Instead of wasting your precious time and cash with CashlessPay Group.
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