MoC warns against forex promoters' usage of public figures to defraud victims
The Ministry of Commerce (MoC) has warned people against the use of public figures as forex trading promoters in order to lure and defraud victims.
The ministry said that unlicensed forex promoters use stories and public figures in their advertisements to deceive, trick and defraud people.
It is noteworthy that the Saudi Central Bank (SAMA) has recently announced several campaigns warning clients to beware of unauthorized activities in the foreign exchange market (Forex).
The Ministry of Commerce (MoC) has also issued earlier a severe warning against the Forex fraudsters. It stated that "Do not lose your money because of your dealings with people or entities who promote unlicensed foreign exchange transactions."
The foreign exchange market for trading securities is witnessing a global reach. It is luring investors who are unaware of the regulatory environment and are not cognizant of the dangers of risking their money on illegal platforms.
Aside from a lack of suitable guarantees to maintain and secure consumer funds, the entire share capital can be lost as a result of such an endeavor, the ministry warned.