SECP warns public about unauthorized online trading platforms

April 09, 2025 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the general public regarding the proliferation of unauthorized online trading and investment platforms that promise quick profits through high-risk financial products.

These platforms, which facilitate trading in foreign exchange (forex), securities, commodities, options, and other speculative instruments, are operating without regulatory approval in Pakistan.

The SECP has highlighted that these entities, often based offshore, operate without any licensing or oversight from Pakistani regulatory authorities.

Investors engaging with such platforms face serious risks, including potential fraud, misappropriation of funds, and total loss of investments, with no legal protection or recourse for recovery.

One such unauthorized platform targeting Pakistani investors is Qxbroker (Quotex), which can be accessed through its website and a mobile application on the Google Play Store.

The SECP has explicitly stated that Quotex is not authorized to operate in Pakistan and has been flagged by multiple international regulators for running unauthorized operations.

As a result, the matter has been referred to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google for immediate action, including blocking access to the platform within Pakistan.

The SECP strongly advises the public not to open accounts, deposit funds, or share any personal or financial information with Quotex or similar unregistered platforms, according to the press release issued today.

Investors are urged to exercise extreme caution when encountering unsolicited investment offers, particularly those promoted through social media, WhatsApp groups, or influencer endorsements.

Before engaging with any investment service, individuals are advised to verify the entity’s regulatory status by visiting the SECP’s official website, where a complete list of authorized brokers and licensed investment advisors is available.

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