Ministry of Commerce 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 established that the firm conducted electronic trading without a license and opened accounts for traders without allowing them to withdraw their principal funds or receive their profits. The ministry clarified that the violations recorded against the company contravene Ministerial Decision No. (216) of 2014, specifically Article 13, Clause 6, which prohibits commercial establishments from advertising false specifications, data, or prices for goods, services, or crafts, or claiming readiness to provide or perform them, or making commitments or guarantees without intending to fulfill them. The ministry affirmed that all legal measures prescribed against the violating company have been taken, as part of its regulatory efforts to control commercial activities, combat unlawful practices, and protect the rights of consumers.