Abstract：The DFSA issues a warning against unlicensed CFD broker Souq Capital, falsely claiming DFSA authorization. Investors urged to stay cautious.
Dubai — The Dubai Financial Services Authority (DFSA) has issued an official alert regarding Souq Capital, a company promoting trading in contracts for difference (CFDs) without proper regulatory authorization.
According to the DFSA, Souq Capital, which operates under the website souqcapital.com, is not licensed to provide any financial services within the Dubai International Financial Centre (DIFC). Despite this, the firm has been falsely claiming regulation by the DFSA, even displaying a fabricated registration number to mislead potential clients.
Souq Capital is understood to be managed from Dubai by chief executive Hameed Al Yahbi and primarily targets Arabic-speaking investors across the region. The DFSA cautioned the public that the firm is neither registered nor supervised by the authority and urged investors to ignore any communications or promotional materials issued by Souq Capital.
In its announcement, the DFSA emphasized that investors should conduct careful due diligence before engaging with any financial service provider. The regulator reiterated that all authorized firms can be verified directly through the DFSAs public register.
The DFSA also reminded consumers about the growing number of online trading scams and provided guidance on how to identify fraudulent investment schemes. Further details on avoiding scams are available in the “How to Avoid Being Scammed” section on the DFSAs official website.
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