On Friday, May 8, the UAE’s Capital Market Authority (CMA) cautioned investors against doing business with unregistered organisations, websites, and trading platforms that operate within the nation.
In an advisory issued by the UAE authorities, say before signing contracts or sending money, always make sure that a business or individual has a license from the appropriate government (MoHRE for labor, SCA for financial services).
Wealth World Capital Investment LLC, which operates under the moniker Arbitrage Prim, was identified by the authority in its most recent recommendation. It stated that although the platform is operational in the United Arab Emirates, it lacks a license to offer financial services or engage in regulated investment activities.
This comes after the UAE’s Capital Market Authority warned investors on Feb. 26 about Ethr.trading, an illegal business that lacks formal authorisation to engage in regulated financial operations. The authorities stated unequivocally that it is not liable for any transactions pertaining to the company.
In a similar tone, on April 16, the Securities and Commodities Authority (SCA) warned against doing business with unregistered financial service providers.
On March 27, the authority issued a similar warning, saying that Hypertech, represented by Sam Lee, was one among those identified; according to the SCA, the company is not permitted to provide financial services in the United Arab Emirates. Before signing contracts or sending money, investors are advised to avoid interacting with the business or its agents and to confirm the licensing status of any financial institution.
Additionally, because Hashim Al Fahmawi lacks the necessary authorisation to engage in regulated financial activities, the authority advised the public not to communicate with him via the social media site X (@hashim_fahmawi).
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Such advisories are frequently issued by the CMA and SCA to shield investors against businesses that operate outside of government regulations or without licenses. Investors may be exposed to fraud, monetary loss, or the exploitation of personal data if they work with such companies.
The authorities asked the citizens to use official channels, such as the MoHRE or SCA websites, to report unlicensed financial service providers and illicit recruitment advertisements.
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