Police Raid Affiliate Offices in Mogadishu

Having launched a successful attack on Al Shabab terrorists on Saturday, Somalian security forces turned their attention to a forex broker affiliate.

According to local outlet Radio Shabelle, the police or military, it's not clear which, raided three offices in Mogadishu, the Somali capital, belonging to a company called Camel Online 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.

Radio Shabelle did not state why the company's offices were raided and shut down. It's also unclear as to whether or not they even stopped operating.

On the Camel Online Forex Facebook page, the most recent post was made just two hours ago. That would suggest that at least someone at the company is still active.

Selling CFDs in the horn of Africa

The company is really a run of the mill CFD provider affiliate and provides the standard 'educational' courses and trading signals.

Bizarrely, the firm is also an affiliate for brokers based in Europe, with an array of different regulatory licenses.

Somalia is one of the least lucrative markets in the world, leaving the motivation for setting up an operation there as somewhat of a mystery.

It could be the case that Camel Online Forex is actually targeting customers outside of the East African state. For instance, a video on the company's Facebook page purportedly shows representatives speaking to a group of Somalians in London.