UAE flags unauthorised financial companies, urges public to verify licences

Abu Dhabi: The UAE’s Capital Market Authority (CMA) has warned investors against dealing with several companies and online platforms found to be conducting financial activities without the required licences, stressing that the entities do not fall under its regulatory supervision.

The authority identified YA Group Ltd and NXG Markets among the companies of concern, along with related websites, as well as Rihani Crown Group and the trading platform Winston Prime Limited.

In a statement, CMA said it bears no responsibility for any transactions carried out with these entities and urged investors to verify the legal status of financial firms before signing agreements or transferring funds. It also called on the public to rely on official channels and approved sources to avoid falling victim to fraud. 

The regulator emphasised the importance of dealing only with licensed companies and avoiding unreliable investment offers, warning that engagement with unregulated entities could expose investors to financial risks and potential losses.