The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning regarding the growing use of unlicensed online trading and investment platforms, cautioning investors against falling prey to fraudulent schemes.
In an official press release issued on Wednesday, the SECP highlighted that platforms such as Quotex are enticing unsuspecting individuals with promises of quick returns through high-risk financial products like forex, securities, commodities, and options, despite lacking any regulatory approval to operate in Pakistan.
“These platforms typically operate offshore and are not licensed or authorized by Pakistani regulators,” the SECP stated. “Investors using these services are exposed to significant risks, including fraud, misappropriation of funds, and the potential total loss of investments, with no legal protection or recourse.”
The commission explicitly named Quotex as an unauthorized platform, adding that the case has been forwarded to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google for immediate action, including efforts to block access to Quotex within Pakistan.
The SECP strongly urged the public not to open accounts, deposit funds, or share any personal or financial information with Quotex or any other unregistered trading platforms.
Additionally, the public was warned to remain cautious of investment promotions made through social media, WhatsApp groups, and influencer campaigns, which are frequently unregulated and potentially misleading.
To ensure safety, the SECP advised investors to verify the regulatory status of any investment platform by visiting its official website at www.secp.gov.pk, which contains an up-to-date list of licensed brokers and authorized investment advisors.
