The General Directorate of Security (Asayish) in Erbil has issued a ban on the transaction of electronic currencies, stating that Forex and electronic currency companies are not permitted to operate in the region.

According to a statement from the Economic Security Directorate of Erbil’s Asayish, a letter was issued to warn citizens that trading in all forms of electronic currencies, including Forex and USDT, is prohibited.

Asayish emphasized that Forex and electronic currency companies operating in the Kurdistan Region and Iraq are neither authorized nor officially licensed. The statement further clarified that such activities are not permitted, as there are no laws or guidelines to regulate them, according to decisions made by the Central Bank of Iraq and the Ministries of Finance in both the Kurdistan Region and Iraq.

The Directorate also warned that companies operating under various names, offering courses on how to trade or buy electronic currencies, are illegal and not allowed.

The letter further noted that the ban was issued following multiple complaints from citizens who had incurred losses through dealings with companies and brokers.

Asayish has called on citizens to refrain from engaging in such transactions to avoid potential financial losses.

the General Directorate of Security warned all companies and brokers against advertising Forex and electronic currencies on social media platforms, threatening legal action against any violations.