Illegal Pakistani FX broker 'beats up' authorities

Five members of Pakistan’s Federal Investigation Agency were brutally beaten by members of a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading firm in the countries financial capital of Karachi.

The law enforcement officers were conducting a visit to the broker who is alleged to be dealing in illegal trading of FX. Pakistan’s regulator the SECP (Securities and Exchange Commission of Pakistan) does not classify FX as a regulated asset class.

The authorities visited the premises without a warrant and upon arrival were beaten by staff at the brokerage. Five members of the team were taken to hospital with severe injuries.

Pakistan has a massive underground FX environment, one of the oldest in the region with strong volumes.

Forexmagnates team will be covering the state of FX in the next quarterly report.