Saudi Central Bank Warns Official Entities on Forex Trading

The advisory was signed by the Capital Market Authority and the Ministry of Commerce.

Entities have warned against the use of their official Twitter handles.

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“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 Arabias 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.