SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan

SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan


Sumera Saeed | April 14, 2017 | category: Business

SECP Warns People Not To Invest in Bitcoin & Other Crypto Currencies and Starts Crack Down Against Illegal Traders in Pakistan

Securities and Exchange Commission of Pakistan (SECP) has warned the people not to make investments in Bitcoin & Other Crypto currencies to avoid scam. According to SECP a number of companies in Pakistan are offering investment plans Bitcoin, Swisscoin, OneCoin and other virtual and digital currencies, but are not under the authorized identity under SECP.

So SECP warns the people that to invest with these fake and unregistered companies are risky and can be a deceitful pyramid scheme.

Securities and Exchange Commission of Pakistan (SECP) has revealed that a number of unlicensed operators are carrying out illegal trading operations in currency/commodity futures, across various cities of Pakistan in partnership with foreign counterparts, by using foreign trading platforms/exchanges.

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The SECP has started a creak down against these illegal and unregistered companies and has initially got preliminary data  against  over  30  illegal  operators presently  busy  in  unlicensed  trading  activities.  The

The SECP has decided to forward this initial list of illegal brokerage houses and their suspected agents to the FIA for an immediate crackdown.

The  SECP  is  sure  that  cracking  down  on  the  black  market  will  go  a  long  way  in defending  investors,  lift up  government  revenues  by  transforming  the  illegal  into legal activity  in  the  regulated  and  documented  sector,  and  saving  the  foreign  exchange  currently being  sent  abroad.

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