UAE: Residents warned against unlicensed influencer, firms offering services

The Securities and Commodities Authority (SCA) has issued an advisory warning against dealing with certain individuals and entities operating without proper licences or government approvals.

To protect investor interests and uphold the integrity of financial markets in the UAE, the SCA clarified that Tapas Kumar Mohanta, who runs the Instagram account @legendoftrading and the YouTube channel Legend of Trading (@tradinglegend), is not registered with the SCA as a licensed finfluencer or in any other approved professional capacity.

Recommended For You

Growing villa demand pushes Dubai residential sales to new heights in H1 2025

Mexico slams Trump threat of 30% tariffs as 'unfair deal'

SpaceX to invest $2 billion in Musk's xAI startup, WSJ reports

Dr Krishna Priya honoured with ‘Outstanding Leader in Education Impact Excellence Award’ at UAE’s Next MasterMind Awards 2025

Look: 8 Emiratis who've acted, helped promote Indian films in UAE

 

With the growing influence of social media figures on retail investor behaviour, the SCA urged the public to exercise caution and verify the registration status of financial influencers before acting on their advice. The official list of licensed finfluencers is available under the 'Open Data' section on the SCA website.

A finfluencer is a social media personality who shares financial advice, investment tips, or market insights, often shaping the financial decisions of their followers. In May, UAE authorities announced that all finfluencer must obtain licence to legally operate in the country.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

MEX Atlantic Corporation

The SCA has also issued a warning against MEX Atlantic Corporation, stating that the entity is not licensed to conduct any activities regulated by the SCA. Despite promotional materials or claims suggesting otherwise, the company is not authorised to offer financial services in the UAE jurisdiction.

The SCA emphasised that it bears no responsibility for any financial dealings conducted with MEX Atlantic Corporation and strongly advises investors to avoid engaging with the firm.

Fiscal Markets

Similarly, another warning was issued against Fiscal Markets, a company that, according to the SCA, is not licensed to engage in any regulated financial activities or provide related services within the UAE. Investors are once again reminded that engaging with unlicensed entities puts their capital at serious risk.

Protecting investors from fraud

The SCA reiterated its commitment to protecting investors and maintaining transparency in the financial market ecosystem. As part of this commitment, it urges all investors to verify the licensing and regulatory status of any individual or entity before signing agreements or transferring funds.

This initiative is in line with the SCA’s regulatory role under Federal Law No. (4) of 2000 and the regulations issued pursuant to it, particularly the Chairman of the SCA Board of Directors' Decision No. (9/R.M) of 2017 concerning the controls for publishing warnings.

Ajanta Paul

Ajanta Paul is a Senior Editor on the Digital team. A natural leader and newshound, she thrives in breaking news and high-pressure situations — and enjoys reporting on community issues that matter to UAE residents.

ajanta@khaleejtimes.com