Cassandra Rose, Cassandra Profit Lab not licensed, FSC warns

KINGSTON, Jamaica — The Financial Services Commission (FSC) is advising members of the public that neither the person or persons using the name Cassandra Rose and Cassandra Profit Lab is licensed by the FSC as a securities dealer or investment adviser or authorised to conduct securities business in Jamaica. According to the FSC, in a notice on Monday, neither Cassandra Rose, Cassandra Profit Lab, 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 FSC is aware of a document circulating under the title ‘Crypto Trading & Partnership License’, bearing a licence number and purporting to be issued by the Government of Jamaica Financial Services Commission and signed by its executive director. That document was not issued by the FSC. It is not genuine and confers no authorisation of any kind,” the commission warned. The FSC said it has issued no licence, registration, approval or verification to the people named in this notice, and any document bearing the name or seal of the FSC, or the signature of its executive director, in connection with those persons is not genuine. According to the FSC, the names have been used in material circulating on Telegram and on Instagram. “The Virtual Asset Service Providers Act, 2026 (Act 15 of 2026), which will establish the legal framework applicable in Jamaica to service providers in relation to virtual assets, including cryptocurrency, was assented to on October 20, 2026. It is not yet in force and comes into operation on a day to be appointed by the minister by notice published in the Gazette. Until that day there is no regime in Jamaica for the licensing or supervision of virtual asset service providers, and no person can hold a licence from the FSC to provide virtual asset services. “That does not place such activity beyond the law. Where an arrangement involves securities, including the issuing of investment contracts, the Securities Act applies, and 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,” the FSC said. The commission is cautioning the investing public that dealing with individuals or entities that currently offer virtual asset-related services in Jamaica may expose investors to significant risks. “These risks include loss of invested funds, fraud, limited or no regulatory protection, and limited or no avenues for redress,” it added. The FSC further reminded the public that an offer of guaranteed returns, or of very large returns over a short period, is a common feature of fraudulent investment schemes. Members of the public who have been approached by, have invested with or hold information concerning the individuals named in this notice or otherwise in relation to virtual asset services in Jamaica are asked to contact the FSC. The public is also encouraged to report any individual or entity that claims to hold a licence, registration or approval from the FSC. Members of the public may also contact the FSC for further information.