Financial Services Regulatory Authority refers 12 unlicensed entities and platforms to the Public Prosecution.. and warns against promises of profits up to 40%
Majid bin Ahmed Al-O’bri, the media spokesperson for the Financial Services Regulatory Authority, stated that the Authority is monitoring the expansion of activities by unlicensed entities and platforms operating through digital space, and has referred 12 of them to the Public Prosecution, while cases of three entities are currently being heard before the courts.
In an interview with Al-Wisal Radio, he clarified that possessing a commercial registry for some of these entities does not mean they have obtained a license to engage in activities related to securities. Some entities have offered training workshops, then promoted trading activities through them.
He warned against luring investors with promises of illusory investment profits of 20% or 40% or more, considering that these promises exploit people’s needs and their lack of knowledge of the proper channels for investment.
He pointed out that the return rates on investments in securities range, according to him, between 9% and 10%, calling for verifying the entity’s license before dealing with it.
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