UAE flags unauthorised financial companies, urges public to verify licences

DUBAI 23°CGOLD/FOREXPRAYER TIMESNEWSLETTERSLOGIN GOLD/FOREXDUBAI 23°CPRAYER TIMES BUSINESSBUSINESSBANKING & INSURANCEAVIATIONPROPERTYTAX NEWSCORPORATE TAXANALYSISTRAVEL & TOURISMMARKETSRETAILCORPORATE NEWSTECHAUTO Business / MarketsUAE flags unauthorised financial companies, urges public to verify licencesThe authority identified YA Group Ltd and NXG Markets among the companies of concern Abu Dhabi: The UAE’s Capital Market Authority (CMA) has warned investors against dealing with several companies and online platforms found to be conducting financial activities without the required licences, stressing that the entities do not fall under its regulatory supervision. The authority identified YA Group Ltd and NXG Markets among the companies of concern, along with related websites, as well as Rihani Crown Group and the trading platform Winston Prime Limited. In a statement, CMA said it bears no responsibility for any transactions carried out with these entities and urged investors to verify the legal status of financial firms before signing agreements or transferring funds. It also called on the public to rely on official channels and approved sources to avoid falling victim to fraud.  The regulator emphasised the importance of dealing only with licensed companies and avoiding unreliable investment offers, warning that engagement with unregulated entities could expose investors to financial risks and potential losses. Huda AtaSpecial to Gulf NewsHuda Ata is an independent writer based in the UAE.Show MoreRelated Topics:UAEGet Updates on Topics You ChooseDaily UpdatesFinanceBusinessWeekendSportAsk Gulf NewsLuxury TravelEditor's MessageBy signing up, you agree to our Privacy Policy and Terms of Use.GET UPDATESUp Next Related Stories Gold steadies in Dubai, what buyers should know Arif Habib Group reshapes Pakistan’s investment future How Maser Group navigates ME market amid volatility One Broker Group tops UAE real estate sales orderbook