Muscat: The Financial Services Authority (FSA) has warned those trading on unlicensed or fraudulent online platforms.
FSA has urged caution while dealing with unlicensed online platforms that promote suspicious financial services, such as buying and selling securities, promoting investments in markets outside the Sultanate of Oman, or managing individual investments in stocks and other assets to achieve high returns. These platforms sometimes use the names of well-known and reputable financial companies to lend themselves credibility."
FSA stressed the importance of taking the following preventive measures by ensuring the credibility of the platforms before taking any investment step, ensuring that the platform is licensed by the authority.
It added that promises of huge financial returns in a short period are often a trap and urged people to report any unlicensed or suspicious platform to help protect everyone.
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