ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the public about the increasing number of illicit online trading and investment platforms that are enticing investors with promises of quick profits through high-risk financial products. These platforms, which include trading in foreign exchange, securities, commodities, and options, operate without regulatory approval in Pakistan.

The SECP highlighted that these offshore entities function without proper licensing or oversight from any regulatory authority within the country. Investors engaging with such platforms are exposed to significant risks, including potential fraud, fund misappropriation, and total loss of investments, with no legal protection or recourse for recovery.

One unauthorized platform currently targeting Pakistani investors is Qxbroker (Quotex), which is accessible through its website and a mobile application on the Google Play Store. The SECP has explicitly stated that Quotex is not authorized to operate in Pakistan and has been flagged by multiple international regulators for unauthorized operations.

The issue has been referred to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google for immediate action, including blocking access to the platform within Pakistan. The SECP strongly advises the public against opening accounts, depositing funds, or sharing any personal or financial information with Quotex or similar unregistered platforms.

Investors are urged to exercise extreme caution when encountering unsolicited investment offers, particularly those promoted through social media, WhatsApp groups, or influencer endorsements. Before engaging with any investment service, individuals are advised to verify the entity’s regulatory status by visiting the SECP’s official website, where a complete list of authorized brokers and licensed investment advisors is available.