Saudi ministry warns against illegal forex trading platforms
The Saudi Ministry of Commerce (MoC) issued a severe warning, through its official account on Twitter, against Foreign Exchange Market (FOREX).
The ministry stated: "Do not lose your money because of your dealings with people or entities who promote unlicensed foreign exchange transactions."
The foreign exchange market's 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.
With the onset of these investments, the Saudi Central Bank, the Capital Market Authority (CMA), and the Ministry of Commerce launched an awareness campaign to protect society from the dangers of dealing with suspicious websites that market to invest in securities without obtaining the necessary licenses from competent authorities.
They are also including examples of how unlicensed or fraudulent companies or individuals operate, as well as insights of their innovative methods for attracting their victims into illegal foreign exchange or cryptocurrency markets.