The Central Bank of Bahrain (CBB) has warned people against dealing with unlicensed entities that market investments in Bahrain through social media.
This warning comes as a result of a fraudulent institution under the name of “bahrain.bitcoin” on Instagram which is claiming to be licensed by the Central Bank of Bahrain as a cryptocurrency trading platform, the CBB said.
"The CBB also wishes to emphasise that the above-mentioned entity is not licensed by the CBB and that the activity of promoting financial services to residents in the Kingdom of Bahrain falls within the scope of regulated financial services in accordance with the Central Bank of Bahrain and Financial Institutions Law of 2006. The CBB also stresses the need for consumers to ensure the utmost care and caution, and take into consideration the risks, when investing, dealing or trading any amounts with any person, persons, institutions, companies or websites, including social media, and ensuring that they hold the necessary licenses from the Central Bank of Bahrain to engage in such activities," the CBB said.
Consumers are encouraged to visit the register of licensed financial institutions on CBB’s website (www.cbb.gov.bh) to verify the authenticity of such institutions, it added. - TradeArabia News Service