SBP bans trading apps including OctaFX, Easy Forex

The State Bank of Pakistan (SBP) has banned trading apps including OctaFX, Easy Forex!

SBP has declared all offshore forex trading platforms, websites, and mobile applications illegal.

The SBP has also warned citizens that these platforms are regulated neither by the central bank nor the Securities and Exchange Commission of Pakistan.

The statement from the SBP added that offshore platforms like OctaFX are rendering forex trading services and products such as margin trading, contract for difference (CFD), and others to Pakistanis and advertise themselves on the social media platforms to convince people to invest.

In the public interest, the central bank categorically said the residents of Pakistan are prohibited to use any product offered by forex trading platforms, it added.

Furthermore, the SBP warned that a resident of Pakistan who uses products and services of such offshore platforms and sends money directly or indirectly through any payment channel can be prosecuted for violating the Foreign Exchange Regulations Act (FERA) 1947.

It said such platforms are neither regulated by SBP nor the Security Exchange Commission of Pakistan (SECP) and advised the people to refrain from investing in such platforms to avoid potential loss and action under FERA.