NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Saudi Arabian Regulators Reiterate Ban on Cryptocurrency Trading

Rick Delafont
Rick Delafont
1 year ago
2 mins read
Cryptocurrency

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A joint committee of Saudi Arabia’s regulatory bodies has issued a statement on cryptocurrency trading. The move hopes to protect local investors from the “high risks” associated with digital asset markets.

Trading Venues Falsely Advertise as Being Regulated by Saudi Arabia

The news broke via a statement posted to the Saudi Arabian Monetary Authority’s website yesterday. It claims that virtual currencies posed “high risks on traders,” as well as other unmentioned “negative consequences.”

According to the statement, the lack of “government supervision” is behind the threats posed to those involved in trading currencies such as Bitcoin and Ether.

The post goes on to state that “virtual currencies… are illegal in the kingdom,” before offering a reminder that there are no groups, companies, or individuals exempt from such a ban by way of licensing.

The speculative nature of cryptocurrency investments was also touched upon by the committee’s post:

“The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.”

The committee behind yesterday’s statement comprises of members of the nation’s Capital Market Authority (CMA), Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment, and the Saudi Arabian Monetary Authority (SAMA).

The group was formed by a supreme decree to investigate the risks associated with both virtual currency and foreign exchange trading. They are also responsible for clamping down on the marketing of platforms that facilitate such practices within the Saudi borders.

Curiously, despite the statement from the joint committee, there are still venues allowing Saudi Arabian traders to buy and sell digital currencies. Arabian Business claims that many of these platforms have been offering services whilst claiming that they had been authorised by domestic authorities. In light of yesterday’s release, their claims are evidently untrue.

At the time of writing, some of the largest Middle Eastern-facing trading venues are continuing to offer support to Saudi users. BitOasis and peer-to-peer cryptocurrency exchange Paxful still lists the nation as one of those that can access its digital currency buying and selling services.

With the statement from the recently-formed joint committee, it seems that Saudi Arabia are now taking a harder stance towards digital currencies than they had before. Previously at NewsBTC, we have reported on the nation’s laissez-faire approach to the financial innovation. Last year, SAMA stated that the market was not yet mature enough to consider regulating.

Featured image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Solana koers stijgt 12% in een week: golden cross wijst op $172

Solana koers stijgt 12% in een week: golden cross wijst op $172

De Solana koers laat de afgelopen dagen weer interessante bewegingen zien. SOL laat de top 10 crypto’s achter zich en...

Lars Diederiksen 45 minutes ago
암호화폐 스타트업, 지난달 11.5억 달러 자금조달… 다음 ‘ICO 대박주’는 BTC불?

암호화폐 스타트업, 지난달 11.5억 달러 자금조달… 다음 ‘ICO 대박주’는 BTC불?

지난 달은 암호화폐와 웹3 업계가 강세를 보인 달이었다. 6월 한 달간 암호화폐와 웹3 분야 스타트업들이 총 140건의 투자 유치를 통해 11억 5000만 달러를 끌어모았다. 시장...

Soyeon Lee 58 minutes ago
najlepsie kryptomeny na nakup jul 2025

Top 3 najlepšie kryptomeny na investovanie v júli

Napriek viacerým makroekonomickým a geopolitickým výzvam si kryptomeny udržujú rastúci trend. Aktuálne prognózy naznačujú jeho pokračovanie, pričom leto prináša niekoľko...

Nina Šefčíková 1 hour ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Stagna: I Dati On-Chain Mostrano Accumulo da Parte delle Whale

clararosati 19 minutes ago
Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Aaron Walker 26 minutes ago

Smart Contract Lock and CertiK Audit: The Driving Factors Behind $FUN’s Breakout

News BTC 42 minutes ago

Premium Sponsors

Press Releases

  • A perfect combination! ETHRANSACTION three-coin joint...

    44 minutes ago
  • Gate Launches xStocks Trading Section, Bridging Crypto...

    51 minutes ago
  • 1 Najlepsza kryptowaluta do kupienia przed wzrostem o...

    1 hour ago
  • Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin

    Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin...

    2 hours ago
  • Các Đồng Coin Tiềm Năng: TOKEN6900 Gây Sốt, Gọi...

    3 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.