Fraud and Deception on the Rise.. Gaza's Economy Prohibits Forex Trading

SadaNews Economy - The recurring fraud operations affecting young people in the Gaza Strip are prompting the Ministry of National Economy in the region to issue repeated warnings against trading in the foreign exchange market "Forex".

According to a report from the SadaNews Economy correspondent in Gaza, there are daily reported cases of young people losing significant amounts of money due to trading, and there are also promoted ads for remote training on working in the foreign exchange system, leading to arrests for defrauding residents of the region to obtain their money and use it for trading.

Some young people have resorted to impersonating others and committed fraud under their names before losing what they have acquired from debts in "Forex" and are currently being detained in the prisons of the "Hamas" government in Gaza.

Today, Thursday, the Ministry of Economy in Gaza issued a decision prohibiting dealings in foreign currency trading (Forex).

The ministry confirmed in a statement issued by the Media and Public Relations Unit that it is prohibited for anyone not licensed by the competent authorities to sell or purchase in foreign exchange tools or to act as financial intermediaries for anyone directly or indirectly in the buying or selling of currencies, securities, or other currencies in foreign exchanges (Forex).

The ministry emphasized that it is also prohibited to offer any courses or training programs related to foreign currency trading (Forex).

The ministry reiterated the administrative decision No. (26) for the year 2022 regarding the prohibition of foreign currency trading (Forex).

It pointed out that anyone who violates the provisions of this decision exposes themselves to accountability and legal actions will be taken against them.

The ministry had previously closed several companies that engaged in trading before the war on the sector.