UAE: Police warn residents against fake cryptocurrency trading offers

Photo: Reuters

Abu Dhabi - The authority called on the public to exercise caution and not be tempted by promises of quick financial gain.

By Web report

Published: Tue 6 Jul 2021, 3:59 AM

Police in Abu Dhabi have warned residents not to fall for offers that claim to provide trading services in cryptocurrencies.

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The authority called on the public to exercise caution and not be tempted by promises of quick financial gain.

Major General Muhammad Suhail Al Rashidi, Director of the Criminal Security Sector, urged the public not to share their personal information or entertain anonymous calls, messages and ads that often claim to be from companies or platforms licensed to trade in cryptocurrency.

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He revealed that fraudsters promise customers they can make large sums of money by trading in cryptocurrencies and by receiving money transfers from suspicious sources.

Al Rashidi advised against buying and trading in these currencies, which are virtual units that are not covered by tangible assets and are not issued based on proper terms or conditions.

He said that the lack of awareness about the risks of trading in digital currencies tends to lead to fraud, money laundering and piracy operations.

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Electronic transactions are not monitored, which makes them subject to a great deal of risks, he added. Al Rashidi also said that the dangerous fluctuation in prices of digital currencies makes it impossible to provide guarantees to protect investors.

The authority urged members of the public to cooperate with Abu Dhabi Police by reporting any fraudulent attempts through the Aman phone service (8002626) or by texting 2828, which assures strict confidentiality.