*The State Bank of Pakistan (SBP) issued an advisory against offshoreforeign exchange trading websites, mobile applications and platforms suchas OctaFX, Easy Forex, saying that such transactions are “prohibited andagainst laws of the land”.*
“It is clarified for the interest of public that buying products andservices being offered by aforementioned platforms by any person residentin Pakistan is prohibited and against the laws of the land,” stated the SBPin a statement on Wednesday.
“Any person in Pakistan buying products or services of such offshoreplatforms and remitting foreign exchange directly or indirectly to themthrough any payment channel is making himself/herself liable to beproceeded against for violation of provisions of the Foreign ExchangeRegulation Act, 1947 (FERA).”
The central bank said that it has noticed that an increasing number ofoffshore foreign exchange trading websites, mobile applications andplatforms such as OctaFX, Easy Forex, etc. are offering their products andservices to residents of Pakistan.
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“These digital platforms lure people through social media advertisements tobuy/invest in their products or services. Examples of such products includebut not limited to foreign exchange trading, margin trading, contract fordifferences, etc.”
