SBP prohibits forex trading platforms, including OctaFX

The State Bank of Pakistan (SBP) on Wednesday declared the trading on forex platforms like OctaFX and Easy Forex is illegal in Pakistan with a caution against violators.

Many in Pakistan who use forex trading as a source of primary or passive income, consider the use of platforms like OctaFX legal in the country.

But the central bank has brought all kinds of ambiguities to an end. The SBP said that all offshore forex trading platforms, websites and mobile apps are unlawful.

Social media used to encourage people to invest. It is noted that different social media platforms are used to encourage people to invest in forex trading. In the public interest, the central bank stated categorically that residents of Pakistan are forbidden from using any product offered by forex trading platforms.

SBP cautioned that a resident of Pakistan who uses the products and services of these offshore platforms and sends money directly or indirectly through any means of payment can be charged with violating the Foreign Exchange Regulations Act (FERA) 1947.