Commerce Ministry Closes 'Tadawul' Direct Currency and Metals Trading Company for Unlicensed Operation - Sarmad

The Ministry of Commerce and Industry shut down a company engaged in direct trading of currencies and metals, after it was proven that it conducted electronic trading activities without a license and opened accounts for traders without allowing them to withdraw their profits or capital.

The ministry stated via its official account on the “X” platform that the closure was due to violations of Article 13, paragraph 6, of Ministerial Decision No. 216 of 2014, which governs the regulations for trading and selling goods and services.

It noted that, according to the aforementioned article, no commercial establishment is permitted to publish advertisements containing false specifications, data, or prices for a good, service, or profession, or to claim readiness to provide or perform them, or to issue guarantees or commitments without actually doing so.

The Ministry of Commerce confirmed that it has taken all legal measures prescribed against the violating company.