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CBB warns against dealing with unlicensed institution.

Manama, Jan. 28 (BNA): The Central Bank of Bahrain (CBB) would like to warn consumers against dealing with unlicensed entities that market investments in Bahrain through social media. This warning comes as a result of a fraudulent institution under the name of "bahrain.bitcoin" on Instagram which is claiming to be licensed by the CBB as a cryptocurrency trading platform. The CBB also wishes to emphasize that the above-mentioned entity is not licensed by the CBB and that the activity of promoting financial services to residents in the Kingdom falls within the scope of regulated financial services in accordance with the CBB and Financial Institutions Law of 2006. The CBB also stresses the need for consumers to ensure the utmost care and caution, and take into consideration the risks, when investing, dealing or trading any amounts with any person, persons, institutions, companies or websites, including social media, and ensuring that they hold the necessary licenses from the Central Bank of Bahrain to engage in such activities. Consumers are encouraged to visit the register of licensed financial institutions on CBB's website (www.cbb.gov.bh) to verify the authenticity of such institutions. F.K.N

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Publication:Bahrain News Agency
Geographic Code:7BAHR
Date:Jan 28, 2020
Words:211
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