Commerce Ministry shuts down unlicensed currency and metals trading company

The Ministry of Commerce and Industry shut down a company engaged in direct trading of currencies and metals after it was found to be conducting electronic trading activities without a license and opening accounts for traders without allowing them to withdraw their profits or capital.

The ministry stated in a press release that this violates Article 13 of Ministerial Decision No. 216 of 2014, specifically clause 6, which prohibits any commercial establishment from advertising false specifications, data, or prices for goods, services, or professions, or from claiming readiness to provide or perform them, or from making commitments or guarantees without actually doing so. The ministry has taken all legal measures prescribed against the violating company.