FSC: Cassandra Rose and Cassandra Profit Lab not licensed, warns public against business dealings

The Financial Services Commission (FSC) is warning the public against dealing with individuals or entities using the names Cassandra Rose and Cassandra Profit Lab, advising that neither of which is licensed to conduct securities business in Jamaica.

The FSC, in a notice on Monday, said neither Cassandra Rose nor Cassandra Profit Lab is licensed as a securities dealer or investment adviser, or authorised to conduct securities business in Jamaica.

It also warned that neither name, nor any similarly named individual or entity, is registered or licensed by the FSC or any other regulatory authority in Jamaica as a Virtual Asset Service Provider (VASP).

The commission said it was aware of a document circulating under the title “Crypto Trading & Partnership License” on Telegram and on Instagram and bearing a licence number and purporting to have been issued by the Government of Jamaica Financial Services Commission and signed by its executive director.

However, the FSC said the document was not issued by the commission, was not genuine, and that it conferred no authorisation of any kind.

It added that it had issued no licence, registration, approval or verification to the persons named in the notice.

It stated that any document bearing the FSC’s name or seal, or the signature of its executive director, in connection with those persons, is also not genuine.

The FSC’s warning comes as Jamaica prepares to establish a legal framework for virtual asset service providers, including those dealing in cryptocurrency.

The commission pointed out that the Virtual Asset Service Providers Act, 2026 was assented to on October 20, but is not yet in force.

It added that the legislation will come into operation on a date to be appointed by the Minister of Finance through a notice published in the Gazette.

Until then, the FSC said, there is no regime in Jamaica for the licensing or supervision of virtual asset service providers, and no person can hold an FSC licence to provide virtual asset services.

The commission cautioned, however, that this does not place such activities beyond the law.

The FSC noted that where an arrangement involves securities, including the issuing of investment contracts, the Securities Act applies.

“It is an offence to carry on, or to hold oneself out as carrying on, a securities business without a dealer’s licence, or to establish, operate or promote a prohibited scheme,” said the FSC.

The FSC warned that dealing with individuals or entities currently offering virtual asset-related services in Jamaica could expose investors to significant risks, including the loss of invested funds, fraud, limited or no regulatory protection, and limited or no avenues for redress.

It also reminded the public that promises of guaranteed returns or very large returns over a short period are common features of fraudulent investment schemes.

Members of the public who have been approached by, invested with, or have information concerning the persons named in the notice, or virtual asset services in Jamaica generally, are being asked to contact the FSC.

The commission is also encouraging the public to report any individual or entity claiming to hold a licence, registration or approval from the FSC.

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