The Dubai Financial Services Authority (DFSA), regulator of financial services conducted in the DIFC, has issued an Alert regarding CFDs broker Souq Capital.

Souq Capital is an unlicensed, offshore CFDs broker run from Dubai, led by CEO Hameed Al Yahbi. The broker focuses mainly on clients in Arabic language markets.

The DFSA said that Souq Capital (operating from website souqcapital.com) is falsely claiming to be regulated by the DFSA. On its website, Souq Capital:

• falsely claims to be authorised by the DFSA; and
• uses a fake DFSA “Registration” number.

The DFSA informs that Souq Capital is not, and has never been, Authorised by the DFSA. It strongly advises to exercise extreme caution and not to respond to any communications from this firm.

The DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to How to avoid being scammed on the DFSA website.