The Securities and Commodities Authority (SCA) has issued a warning to the investing public against dealing with unlicensed entities.
In its latest advisory, the regulator highlighted companies operating in the UAE that are not licensed to provide financial services or carry out regulated investment activities.
Among those flagged is Hypertech, represented by Sam Lee, which the SCA said is not authorised to offer financial services in the UAE. Investors are urged to refrain from engaging with the company or its representatives and to verify the licensing status of any financial entity before entering into agreements or transferring funds.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The authority also cautioned the public against interacting with Hashim Al Fahmawi through the social media platform X (@hashim_fahmawi), noting that he lacks the required authorisation to conduct regulated financial activities.
The SCA emphasised that it assumes no liability for any dealings with unlicensed individuals or entities.
This follows a similar warning on February 26, when the Capital Market Authority (CMA) in the UAE alerted investors about Ethr.trading, an unlicensed company without official authorisation to conduct regulated financial activities. The authority made clear that it accepts no responsibility for any dealings involving the firm.
The CMA and SCA regularly issue such advisories to protect investors from companies operating without licences or outside the government’s regulatory standards. Engaging with such firms can leave investors vulnerable to fraud, financial loss, or misuse of personal information.
Source: Khaleej Times