Commerce Ministry: Closure of Currency and Metal Trading Company for Unlicensed Electronic Activity
Ministry of Commerce and Industry announces closure of currency and metal trading company for operating without a license
Translated by Qiyas from السياسة — Original source
- Accounts were opened for traders without allowing them to receive profits or withdraw their capital
The Ministry of Commerce and Industry announced the closure of a company engaged in direct trading of currencies and metals, after it was proven that the company conducted electronic trading activities without a license and opened accounts for traders without enabling them to receive their profits or withdraw their capital.
The Ministry stated in a press release that this violates Article 13 of Ministerial Decision No. 216 of 2014, specifically clause 6, which regulates the rules governing the trading and sale of goods and services. This clause prohibits any commercial establishment from publishing advertisements containing false specifications, data, or prices for a good, service, or profession, 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.
