The Securities and Commodities Authority headquarters in UAE. ARCHIVE

The UAE's Securities and Commodities Authority (SCA) has issued a stern warning to residents against dealing with unlicensed influencers and unregistered financial companies in the country. In a recent public advisory, the SCA flagged Tapas Kumar Mohanta, who operates the Instagram account @legendoftrading and the YouTube channel Legend of Trading, as not licensed to provide financial services in the UAE. "Tapas Kumar Mohanta is not registered with the SCA as a licensed finfluencer or in any approved professional capacity," the advisory stated. The SCA urged residents to verify the credentials of financial influencers before acting on their advice. A list of licensed finfluencers is available under the "Open Data" section on the SCA website. The authority also warned the public against engaging with MEX Atlantic Corporation and Fiscal Markets, stating that both entities are not authorised to provide regulated financial services in the UAE. Engaging with unlicensed influencers or companies, the SCA said, puts investor capital at serious risk. ICA/Expat Media ALSO READ: UAE influencers must get license to promote financial content, says SCA
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