In the recent press release, The State Bank of Pakistan (SBP) issued an advisory against the use of non-regulated forex applications, websites, mobile apps and platforms such as OctaFx and Easy Forex to the general public and intimidated them against the use of these platforms to avoid any loss of capital and being liable to legal action.
Investments in these Platforms is illegal
The State Bank of Pakistan further clarified that making investments through these platforms is illegal and violation of the provisions of the Foreign Exchange Regulation Act, 1947 (FERA).
State Bank further stated that these platforms are luring people social media advertisements. Examples of such products include but not limited to foreign exchange trading, margin trading, contract for differences, etc.
SBP Advises to refrain from investing in OctaFx, EasyForex and other such Platforms
Since such platforms are regulated neither by the SBP nor by the Securities & Exchange Commission of Pakistan; hence, the public is hereby advised to be careful and refrain from buying/investing in products and services of such offshore platforms to avoid any potential loss and legal proceedings under FERA.
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