KARACHI – State Financial institution of Pakistan (SBP) has issued an advisory in opposition to Unlawful offshore overseas trade buying and selling web sites, cellular functions and platforms.
The central financial institution issued the advisory after it seen that an rising variety of offshore overseas trade buying and selling web sites, cellular functions and platforms resembling OctaFX, Simple Foreign exchange, and so forth. are providing their services and products to Pakistanis, utilizing social media platforms.
“These digital platforms lure people through social media advertisements to buy/invest in their products or services. Examples of such products include but not limited to foreign exchange trading, margin trading, contract for differences, etc,” SBP mentioned in its press launch.
It clarified that purchasing services and products being provided by these platforms by any particular person resident in Pakistan is prohibited and in opposition to the legal guidelines of the land.
“Any person in Pakistan buying products or services of such offshore platforms and remitting foreign exchange directly or indirectly to them through any payment channel is making himself/herself liable to be proceeded against for violation of provisions of the Foreign Exchange Regulation Act, 1947 (FERA),” it warned.
“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,” the central financial institution concluded.
