The State Bank of Pakistan warned against unlawful offshore foreign currency trading websites, mobile apps, and platforms on Wednesday.
According to the central bank, a rising number of offshore foreign currency trading websites, mobile apps, and platforms, like OctaFX and Easy Forex, are marketing their goods and services to Pakistanis.
These digital platforms use social media marketing to entice users to purchase or invest in their goods or services. Foreign exchange trading, leverage trading, and contract for differences are all instances of such goods, according to the advice.
The central bank has issued a warning that purchasing items and services from the aforementioned platforms by anybody resident in Pakistan is illegal and against the law.
It goes on to say that anybody in Pakistan who purchases items or services from such offshore platforms and remits foreign money to them directly or indirectly via any payment channel risks being prosecuted for violating the Foreign Exchange Regulation Act, 1947. (FERA).
It also stated that because such platforms are not regulated by the SBP or the Securities and Exchange Commission of Pakistan (SECP), the public is advised to exercise caution and refrain from purchasing/investing in the products and services of such offshore platforms in order to avoid potential loss and legal action under FERA.