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ADP warns public about cryptocurrency trading offers

Wam/Dubai
Filed on July 5, 2021
The significant volatility in cryptocurrencies prices makes them high-risk currencies.

Many fraudsters deceive people with promises of making significant amounts of money by trading cryptocurrency.


The Abu Dhabi Police (ADP) warned the public about an advertisement sent recently to many people offering cryptocurrency trading services.

It also urged the public to be cautious and not to be deceived by offers promising fast money.

Major General Mohammed Suhail Al Rashidi, Director of Criminal Security Sector, urged the public to not share their personal information or send or receive money from untrustworthy sources claiming to be cryptocurrency trading companies or platforms.

Many fraudsters deceive people with promises of making significant amounts of money by trading cryptocurrency, he added, stressing that people should not purchase or trade cryptocurrencies that are virtual units not covered by concrete assets and not subject to any regulations or controls.

He also highlighted the significant volatility in cryptocurrencies prices, which makes them high-risk currencies, stressing that it is impossible to protect investors, and police and relevant national authorities are keen to warn the public about the risks.

Lt. Colonel Rashid Khalaf Al Dhaheri, Director of Criminal Investigation, highlighted the ADP’s keenness to warn the entire community about fraudulent activities, noting the collaboration between all relevant police administrations in countering such crimes.

He also urged the public to cooperate with the ADP and report any attempted fraud by calling the Aman service on the tollfree number, 8002626, or through SMS on 2828. Reports will be handled with utmost confidentiality, he added. — Wam





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