The Securities and Exchange Commission of Pakistan (SECP) issued a public warning about the proliferation of unauthorized online trading and investment platforms targeting Pakistani investors with promises of quick profits from high-risk products, including foreign exchange, securities, commodities and options, without regulatory approval in Pakistan. It cautioned that investors using such unlicensed offshore platforms may face fraud, misappropriation of funds and total loss of investment without legal protection or recourse. SECP singled out Qxbroker (Quotex) as an unauthorized platform accessible via a website and a Google Play mobile application, stating it is not permitted to operate in Pakistan and has been flagged by multiple international regulators. The matter has been referred to the Federal Investigation Agency, the Pakistan Telecommunication Authority and Google for immediate action, including blocking access within Pakistan; SECP also urged the public not to open accounts, deposit funds or share personal or financial information with Quotex or similar entities, and to verify an entity’s regulatory status via SECP’s list of authorized brokers and licensed investment advisers.
Securites & Exchange Commission of Pakistan 2025-04-09
Securities and Exchange Commission of Pakistan warns public on unauthorized offshore trading platforms and flags Quotex for enforcement action
The Securities and Exchange Commission of Pakistan (SECP) warned about unauthorized online trading platforms like Qxbroker (Quotex) targeting Pakistani investors with high-risk products without regulatory approval. SECP highlighted risks of fraud and total investment loss, urging the public to avoid such platforms and verify entities via SECP's authorized list. The issue has been referred to the Federal Investigation Agency, Pakistan Telecommunication Authority, and Google for action.