Tue, June 28, 2022

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Central bank warns against high-yield forex scam


The Bank of Thailand issued a warning on Tuesday against a foreign exchange trading scam circulating on social media and websites.

Wachira Aromdee, assistant to the BoT governor for Financial Markets, said some websites and social media pages are inviting people to invest in forex trading and are guaranteeing high returns on investments.
“These websites are possibly a scam or a pyramid scheme, where they make money from entry fees with no actual trading of foreign currency,” she warned.
Wachira said that according to Thai laws, any transaction involving foreign exchange must be carried out by agencies such as commercial banks and securities companies with a permit from the Finance Ministry.
“You can check the list of licensed agencies on BoT’s website [www.bot.or.th],” she said.
Any individuals or companies engaging in forex trading without a permit will be in violation of the Foreign Exchange Law, and probably the Emergency Decree on Obtaining Loans Amounting to Public Cheating and Fraud, Wachira added.

Published : September 24, 2019

By : The Nation