简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The State Bank of Pakistan (SBP) has declared forex trading platforms like OctaFX and Easy Forex illegal in the country and warned citizens that these platforms are regulated neither by the central bank nor the Securities and Exchange Commission of Pakistan.
YouTube and other social media websites are awash with ads of such digital platforms, which have also taken on board several so-called influencers to promote their services. As a result, more and more Pakistanis are now relying on such trading platforms as a source of primary or passive income.
The SBP “has noticed that an increasing number of offshore foreign exchange trading websites, mobile applications and platforms such as OctaFX, Easy Forex, etc. are offering their products and services to residents of Pakistan”, the SBP said in a statement on Wednesday. “These digital platforms lure people through social media advertisements to buy and invest in their products or services.”
“Examples of such products include but are not limited to foreign exchange trading, margin trading, contract for differences, etc,” it said. “It is clarified for the interest of the public that buying products and services being offered by the aforementioned platforms by any person resident in Pakistan is prohibited and against the laws of the land.”
People buying products or services from such offshore platforms and remitting foreign exchange directly or indirectly to them through any payment channel would be prosecuted under the Foreign Exchange Regulation Act of 1947 (FERA).
The central bank also advised authorised dealers to comply with FERA and take all necessary measures to stop payments to all such trading platforms by their customers through any payment channel.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Recently GVD Markets has become a trending topic in forex markets. WikiFX made a comprehension review to help you better understand this broker. we will analyze the reliability of this broker from specific information, regulations, etc. Let’s get into it.
Nine influencers have been charged by the United Kingdom’s Financial Conduct Authority (FCA) for receiving payments in exchange for endorsing investment schemes, particularly high-risk CFD trading, without authorization.
Moomoo Malaysia has unveiled a new feature on its platform that allows users to purchase fractional shares of over 500 US stocks and ETFs. Additionally, it is running a campaign where new users are welcomed with a 'Guaranteed Welcome Kit' valued at up to RM 1,200. Furthermore, those who deposit RM 10,000 will receive fractional shares of leading companies like Apple, Nvidia, Tesla, and TSMC, worth up to RM 420.
According to Central Bank Governor Olayemi Cardoso, the bank's strategy for achieving foreign exchange stability has shifted from "firefighting" to strategic planning.