The Standing Committee for Awareness and Warning Against Unauthorized Activity of Trading in Securities in Foreign Exchange Markets (Forex) called on the general public to be cautious and watchful of the methods used by persons or entities that promote unlicensed forex and digital currencies, which involve high risks and exhaust money and savings.
In a press statement, the committee warned Saudi nationals and resident expatriates to be aware of accounts on social media and websites that impersonate well-known personalities to get them to invest in fake projects.
The committee called for verifying the authenticity of websites and ensuring their reliability, by visiting the websites of government departments and ensuring licenses are in place.
They added that the misleading advertisements that are displayed on websites and social networking sites take advantage of the large number of visitors to these sites and provide responses to their stories and comments.
To deceive the reader about the legitimacy of their actions. In paid promotion, social media platforms are utilized by promoting through individuals who have a high social media presence, suggesting to the public that this activity has systemic legitimacy.
- The committee requested that you not respond to these misleading advertisements or deal with these unlicensed parties, regardless of the variety of their methods, and to report this to the police department so that they can take appropriate action.
Its function is to raise awareness and warn against the activity of trading securities in the unlicensed foreign exchange market (Forex) and the marketing of unlicensed digital currencies, including their names and derivatives, to the media, the Ministry of Commerce, and the Central Bank of Saudi Arabia.
To work on permanent coordination with the relevant government authorities in order to curb the phenomenon of marketing for investment and trading in unlicensed forex activities, as well as dealing in unlicensed digital currencies.
- The Saudi Arabian regulatory authorities follow up on suspicious practices, control violations and violators, monitor them, and prosecute them in accordance with the regulations in force in the country.
