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.
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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