The Securities and Exchange Commission of Pakistan (SECP) has issued a warning regarding the growing number of unlicensed online trading platforms, including Quotex, which are luring investors with high-risk investment opportunities. These platforms, which offer speculative products like forex, commodities, and options, operate without regulatory approval in Pakistan, putting investors at serious financial risk.
The SECP highlighted the dangers of fraud, fund misappropriation, and total loss of investments with no legal recourse for affected individuals. The commission confirmed that Quotex, in particular, is unauthorized and has referred the issue to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google for action, including potential access restrictions in Pakistan.
In its statement, the SECP strongly advised the public to avoid interacting with unlicensed platforms like Quotex. It urged investors not to open accounts, deposit funds, or share personal information with such entities. The SECP also cautioned against investment schemes promoted through social media, WhatsApp groups, or influencer marketing, as these are often unregulated and potentially deceptive.
To protect themselves, the SECP recommended that individuals verify the legitimacy of any investment platform by checking the SECP website, which provides a list of licensed brokers and authorized investment advisors.
