UAE authority warns public against two fake trading firms

The UAE's security authority warned investors of two unlicensed companies on Friday, December 12.

The firms, XC Market Limited and XCE Commercial Brokers LLC, carry out all their operations without a licence from the Securities and Commodities Authority (SCA).

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The investing public has been informed that the companies are not authorised to engage in regulated financial activities or offer related financial services.

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The authority said it assumed no responsibility for any transactions or dealings carried out with the company.

Recently, the authority warned of Global Capital Securities Trading, which was posing as a trading company without a licence.

Meanwhile, on December 3, the authority warned investors of an unlicensed entity using the name Gulf Higher Authority for Financial Conduct, which was found operating through www.financialgcc.com and falsely claiming to be a financial regulator.

The SCA is the federal regulator responsible for licensing, supervising and enforcing conduct across the UAE’s financial markets, including investment firms, brokers and related service providers. It routinely publishes alerts to help the public identify unlicensed operators and cloned websites. 

Salma El Omla

Digital Journalist

salmaahmed@khaleejtimes.com