The Kurdistan Region’s Council of Ministers has officially decided to close all forex companies operating within its jurisdiction. This move aims to protect citizens from financial fraud and economic harm. Authorities stress that the ban on forex companies is crucial to safeguard the public and preserve economic stability in the region.
The directive, issued by the Kurdistan Regional Government, follows warnings from the Central Bank of Iraq and local security agencies. The Central Bank’s Erbil branch had alerted citizens about unlicensed electronic currency and forex trading firms. These companies often falsely claim they have official licenses, which they do not.
A special committee has been formed to coordinate efforts and enforce the ban on forex companies. This includes shutting down all businesses involved in electronic currency trading or forex operations, regardless of their trade names or marketing methods.
Security officials confirmed that trading in forex and digital assets like USDT is illegal throughout the Kurdistan Region. They urged residents to stay away from companies promoting forex trading or investment courses. Such activities are not authorized and pose serious financial risks.
The decision follows numerous complaints from citizens who lost money due to fraudulent forex schemes advertised on social media and elsewhere. The authorities warn the public against falling victim to these scams.
The regional government calls on everyone to avoid giving money to these illegal businesses. It also warns that promoting or operating such companies could lead to legal action.
In summary, the ban on forex companies in the Kurdistan Region is firm and uncompromising. Officials will continue cracking down on illegal digital currency operations to protect the region’s financial security.
