The multiple purpose financial company (sofom) Finances That Accompany You, linked to the company Xifra Business Group, has stopped reporting information to the National Commission for the Protection and Defense of Financial Services Users (Condusef), regarding your location, so you could lose your registration with this authority.
According to Service Provider Registration System (Sipres) de la Condusef, said sofom failed to comply with its obligation to validate its corporate and location information corresponding to the fourth quarter of 2021.
“The public is informed that this financial institution did not validate its corporate and location information in a timely manner, in accordance with provision twenty-seven of the general provisions for the registration of financial service providers,” it is explained in a legend within of the Sipres of the Condusef.
Finances That Accompany You is the entity that Xifra Business Group used as a screen to assure its users that its investment model in cryptocurrencies, with an average return of 13% per month, was regulated and supervised by financial authorities, such as the National Banking Commission. and Securities (CNBV) or the same Condusef.
When this was detected by the authorities, the CNBV issued an information note to clarify that Xifra Business Group was not regulated by this authority and the sofom Finances that accompany you It is only allowed the functions of granting credit, leasing and financial factoring, as long as it complies with the corresponding regulations before this regulatory body.
“(The sofomes) are not authorized to collect resources from the public, nor offer investment plans (with the promise to return the principal and interest of said investment made, regardless of the way in which the payment of the investment plan is made). -cryptocurrencies), such is the case applicable to the company Finanzas que Te Acompañan SAPI de CV, SOFOM ENR”, detailed the CNBV at the time.
In this context, Xifra Business Group received a fine of 985,820 pesos for carrying out the activity inherent to investment funds, without being authorized to do so, and, in addition, the suspension of raising funds from the general public was ordered.
According to the records of the Condusef, is sofom was registered with Sipres in March 2021 and within its board of directors there are only the names of Manuel Portugal Sainz, as secretary, and George Lenour Goodman, as president and who has allegedly already left Xifra Business Group, under conditions unknown.
Before the alert from the authority, which was in September 2021, Ramssés Machado, director of Xifra Business Group, ensured that the entire operation of the company was regulated and supervised by all financial authorities.
“On March 16 of this year (2021) we consolidated ourselves as a financial institution fully regulated and supervised by the two supervisory bodies for financial activity in Mexico, the Condusef and the National Banking and Securities Commission… We can say that all financial activity of the company is fully regulated, supervised and approved by the two most important agencies in our country, dependent on the Ministry of Finance”, declared Ramssés Machado at an event of this firm.
A few weeks ago, in a different event, spokesmen for this firm assured that Xifra Business Group It had already achieved unicorn status, that is, it had achieved a valuation of more than 1,000 million dollars.
However, before the authorities, such as the Condusef, the sofom of Xifra Business Group, has failed to validate your corporate and location information, so you could start your process to cancel your registration due to such failure.
Recently, this authority began to publish legends of sofomes that have not complied with validating their information within the legal deadlines, in order to inform the user public of the legal status of said entities.
Currently, there are more than 1,900 sofomes in operation and more than 1,400 have been canceled for not complying with the provisions established by the authority, especially regarding the updating of their information or in terms of prevention of money laundering and financing of terrorism.