A banker warns investors not to get carried away by the desire to get rich quick

Agents of licensed companies marketing to invest in “digital currencies”

  • Agents required dealers to deposit a minimum of $3,000 to invest in cryptocurrencies.

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  • Mustafa Al-Rikabi: “So far, no legislation has been issued regulating trading in digital currencies, nor how to protect against its risks.”

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Over the past few days, licensed financial investment companies have been active in contacting individuals through their agents, urging them to open accounts with them and deposit a minimum of $3,000, in order to invest in digital currencies.

Individuals, who were contacted, told «Emirates Today», that documents were requested to open the account, including identity, passport, bank account statement, and a recent water and electricity bill, stressing that when they asked about the guarantee of these funds, if they opened an account, they were notified that There are financial analysts and account managers to help them with trading.

For his part, a banking expert warned against drifting behind the rapid desire to get rich and profits, in a highly dangerous, legally regulated market, and there is no one to turn to to complain, stressing the importance of the trader in these currencies being aware of the market, because he bears the full risk alone. .

It is noteworthy that the Central Bank warned several times against trading in digital currencies, because of the high risks that it carries, and finally, the digital currency market is witnessing varying heights, after a period of strong decline and decline that lasted more than two months.

Cryptocurrency

In detail, the trader (A.W), who preferred not to be named, said: “Yesterday morning, with the news of the rise in digital currencies, I received a call from a company saying that it was an agent for a registered company, and the representative sent all the details on WhatsApp, and from there it was confirmed. Indeed, the company’s presence in the list of licensed companies,” explaining that “the company representative asked to open an account and deposit an amount of $3,000 as a minimum, but she did not explain to me how to guarantee my money, and she was content with saying that we have an account manager and financial analysts, but the buying and selling decisions are only you who bears.” its result.”

open account

The client (A.M), who preferred not to be named, added that she received a call from a representative, who offered her to open an account with a company, which was later confirmed to be licensed, and offered to invest in digital currencies, and sent her statements of profits from (Bitcoin) trading for those dealing with the company. , indicating that the marketing representative requested an ID card, passport, and a bank account statement, in addition to the last bill for water and electricity.

The customer (SA) confirmed that he had received many calls from company representatives, calling on him to invest in digital currencies that achieve great profits, not provided by any other field, indicating that he is afraid of dealing with corporate agents due to the absence of sufficient guarantees for transactions.

big risk

On the other hand, the banking expert, Mustafa Al-Rikabi, said that “investment in digital currencies carries a great risk, as it is an unregulated investment activity, and there is no protection by central banks around the world,” explaining that “recently calls have spread to investing in currencies.” However, the investor must be aware of all the risks, and be prepared to bear the loss and other decisions for which the owner of the money is primarily responsible.” And he indicated that so far, no legislation has been issued regulating trading in digital currencies nor how to protect against their risks, so individuals must realize this, and be prepared to bear losses, because there is no party to resort to, especially since the Central Bank, and with it almost all banks. Central Bank around the world, warned against drifting behind the idea of ​​getting rich quick, and big profits that push people to enter the digital currency market without the slightest experience.

• Identity, passport, bank account statement, water and electricity bill, the most prominent documents required of customers to open the account.

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