Equiti Group is actively collaborating with regulators to act against scammers impersonating its brand to deceive investors. The unregulated company has been targeting the UAE community, prompting Equiti to work diligently to protect investors and maintain industry integrity.

Equiti Group Combats Corporate Scam Impersonating Its Brand

Mohammed AlAhmad Ketmawi, the Co-Founder of the Equiti Group and CEO of Equiti Securities Currencies Brokers LLC, emphasized the company's commitment to safeguarding the community from malicious fraud.

"As an established brand in the region, it's our commitment to ensure we can protect the community from malicious fraud," stated Ketmawi.

The Securities and Commodities Authority (SCA) in the United Arab Emirates has warned against unregulated companies across its official platforms. Equiti is taking every available initiative to protect investors in the UAE and maintain industry integrity. The company urges investors to verify regulatory details before engaging with financial entities and promptly report any suspicious activities.

The warning was issued on 27 March 2024, concerning MRL Investments Ltd., which uses the website address equiiti.com, deceptively similar to that of a regulated entity.

“The company is not licensed by the SCA to practice any of the activities subject to its control and supervision, and the Authority is not responsible for any dealings that take place with the aforementioned company in this capacity,” the SCA commented.

This is not the first time a fraudulent entity has impersonated Equiti. A similar situation occurred in the UK in 2019 when M.Success FX was identified as a clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of the company's local branch, Equiti Capital UK Limited.

The market watchdog added that the fraudulent company has “no connection or relationship with Equity Securities Currency Brokerage Company LLC., licensed by the Authority, to practice the activity of a broker in trading unregulated derivatives contracts and currencies in the spot market.”

Equiti Securities Currencies Brokers LLC, a subsidiary of Equiti Group, is regulated by the SCA as a Category 1 Trading Broker for Over-the-Counter Derivatives Contracts and Foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Spot Markets under license number 20200000026. A year after obtaining the license, the company decided to open an office in Abu Dhabi.