The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which a fake DFSA letter is used.

The scam involves a cryptocurrency trading platform purportedly operated by “Bitget Capital”, which is not authorised by the DFSA or located in the Dubai International Financial Centre (DIFC).  Victims of the scam create accounts via the scammers to trade on the cryptocurrency platform but, when they wish to withdraw profits from their accounts, the scammers issue a fake DFSA document entitled “Notification”.

 The fake document used by the scammers is not issued by the DFSA and consists of:

• a fake notification number which is not generated by the DFSA;
• a fake signature by the Chief Executive and the Chairman of the DFSA;
• a statement to the victims that the DFSA identified irregularities and potential regulatory breaches in victims’ trading accounts with “Bitget Capital”;
• a statement to the victims that their trading accounts have therefore been frozen; and
• asks the victims to submit the Notification document to a bank located in Singapore in order that the funds can be released and paid to the victims.

In an attempt to make the scam seem authentic, the scammer has fraudulently used the DFSA letterhead, name, logo and stamp without permission or authorisation.

The DFSA strongly advises you not to respond to any communications regarding this scam, and under no circumstances should you send or give any money to any party connected to the scam.

The DFSA has a page on its website dedicated to alerts which has issued about scams.  All alerts issued by the DFSA may be accessed by going to Alerts

The DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers. For more information on these scams, please go to How to avoid being scammed

The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA's Public Register

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC, DFSA or a DFSA-regulated Firm, you should direct your concerns to the DIFC on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on Complaints