Ministry of Commerce warns against illegal and Unknown Forex trading platforms
The Ministry of Commerce in Saudi Arabia warns against Foreign Exchange Market (Forex) stating, do not lose your money because of your dealing with people or companies who promote unlicensed foreign exchange transactions.
Foreign Exchange Market for trading securities is witnessing a global reach. So it is attracting investors who are unaware of the regulatory environment and are not cognizant of the dangers of risking their money on illegal platforms. See Also : Licenses must to run e-stores of Businesses warns Saudi Ministry of Commerce
- The Saudi Commerce Ministry warned that, lack of suitable guarantees to maintain and secure consumer funds, the entire share capital can be lost as a result of such behavior.
- With the onset of these investments, the Central Bank of Saudi Arabia, the Capital Market Authority and the Ministry of Commerce launched an awareness campaign in order to protect the society form the dangers and dealing with suspicious and unknown websites that market to invest in securities without having the necessary licenses from competent authorities.
- They are also including examples of how unlicensed or fraudulent companies of individuals operate, as well as insights of their innovative methods for attracting their victims into illegal foreign exchange or cryptocurrency markets. Read : Ministry warns of fake and unknown electronic stores that defraud customers
