UAE authority warns of entity impersonating Dubai Gold and Commodities Exchange

UAE's Capital Management Authority (CMA)has warned investors of an unidentified entity that is impersonating the Dubai Gold and Commodities Exchange (DGCX).

The authority said have said that the CMA and DGCX accept no responsibility for any transactions or dealings involving unaffiliated or unauthorised parties.

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In the advisory, the authority said, "Investors are strongly advised to verify the licensing status of any entity before entering into agreements or transferring funds".

Investors were also urged to take a look at the list of licensed companies available on the CMA's official website to avoid potential fraud.

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Earlier, on February 2, the CMA warned investors against dealing with an unlicensed marketing firm.

The company, Star Light Marketing Management Services, is not licensed by the UAE's Capital Market's Authority. The CMA further highlighted the company is not authorised to conduct regulated financial activities or provide related services.

Written by

Meher Dhanjal

Meher Dhanjal is a Digital Journalist who breaks news first and breathes second. She loves chasing page views and finding stories that tug at readers’ heartstrings.