Saudi Arabia reissues crypto trading ban

A standing committee of Saudi Arabia’s leading regulator has issued a statement reiterating the ban on the use of cryptocurrencies such as Bitcoin.

The statement was issued after a number of websites and social media platforms in the kingdom were found to have promoted cryptocurrencies.

The Standing Committee for Awareness on Dealing in Unauthorized Securities Activities is led by the Capital Market Authority and includes the Saudi Arabian Monetary Agency, Ministry of Trade and Investment, Ministry of Information and Ministry of Interior.

The statement said any websites claiming to be licensed by official authorities were wrong and that “no parties or individuals are licensed for such practices”. It also warned against trading in cryptocurrencies because of potential scams, high volatility and the “negative consequences and high risks on traders as they are out of government supervision”.

The committee is also looking to clamp down on the marketing of illegal trading services of forex trading. It added that any investors in doubt about what trading activity is permissible should refer to the relevant government agencies and their lists of licensed entities.

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