Saudi official entities have been warned against the use of forex trading -related resources on their official Twitter accounts. According to Arab News, the advisory was issued by the Saudi Central Bank, Capital Market Authority, and the Kingdom’s Ministry of Commerce.
“Do not lose your money because of your dealings with people or entities promoting unlicensed forex,” it reads. The Saudi Central Bank recently directed banks to stop opening online accounts for individuals or institutions as part of new security measures.
Saudi Arabia’s capital market authority has issued a circular urging financial institutions not to accept IPO applications without prior verification, Argaam reported citing unnamed sources.
Recently, there has been an increase in fraud impersonating platforms that sell goods and services by using official names in order to obtain access to data on electronic bank accounts.
Ban Imposed by Hamas on Forex Trading
As reported in March by Finance Magnates, the Hamas government in Gaza banned trading in the Forex market without permission from the Ministry of Economy. According to The New Arab, the ban is for selling or buying foreign currencies, securities or other currencies on foreign exchanges.
The measure was taken amid growing complaints of fraud. Moreover, the statement issued by Hamas highlights that holding any courses or training programs related to forex trading is also prohibited, pointing out that anyone who violates the provisions of the decision will face serious legal consequences.
“A number of unlicensed individuals or companies in Gaza have exploited the goals for which they were founded, and have engaged in this trading with the intention of defrauding people who have no experience in this field,” Yaqoub al-Ghandour, an official at the Ministry of Economy, commented on the matter saying that ‘the Ministry’s office received several complaints’ from people who lost their money via forex trading.
