Through its official Twitter account, the Saudi Ministry of Commerce (MoC) issued a severe warning against Foreign Exchange Market (FOREX).

Specifically, the ministry warned: "Don't lose your money if you deal with people or entities that promote unlicensed foreign exchange transactions."

The foreign exchange market's market for trading securities has a global reach. The company is luring investors who are unaware of the regulatory environment and unaware of the risks of investing on illegal platforms.

Aside from the lack of adequate guarantees to safeguard consumer funds, the entire share capital can be lost from such an endeavor, the ministry warned.

Saudi Arabia's Central Bank, Capital Market Authority (CMA), and Ministry of Commerce launched awareness campaigns in response to the onset of these investments to protect society from the dangers of dealing with suspicious websites that sell securities without obtaining the necessary licenses from competent authorities.

Additionally, they include examples of how unlicensed or fraudulent companies or individuals work, as well as insights into how they lure victims into illegal foreign exchange or cryptocurrency markets.