OctaFX and Easy Forex Trading Apps
You may have heard about Octafx and easy forex trading apps through social media advertisements on Instagram, Facebook and Twitter to invest in these apps.
Octafx and easy forex trading apps attract investment from the general public in Pakistan while being operated from abroad.
SBP has warned the general public against Octafx and easy forex trading apps as both of these apps have no licensing or approval to operate in Pakistan by the Securities and Exchange Commission of Pakistan(SECP) and State bank of Pakistan (SBP).
SBP has issued a circular dated 18 May 2022 to warn the general public about potential threats involved in these two apps.
State Bank of Pakistan (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.
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.
It is clarified for the interest of 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.
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).
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