Kurdistan
Twana FX owner arrested on fraud charges in Erbil on April 10, 2025. Photo: Erbil Asayish/Facebook
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ERBIL, Kurdistan Region - Erbil security forces (Asayish) on Thursday announced the arrest of a broker on fraud charges, after the force warned against trading in digital currencies.
“By order of the investigating judge, the Asayish Directorate of Erbil arrested the suspect T. S. A., owner of the company Twana FX, on charges of fraud and deceiving youth, as well as promoting electronic currency trading (FOREX) by publishing video clips,” read a statement from the Asayish.
“Following an investigation by our economic team, it was found that the company is neither licensed nor registered. It is important to note that trading in FOREX is illegal and unregulated, and it leads to the loss of citizens’ money and assets,” the statement added. “We urge the public to avoid engaging in such types of business and transactions to protect their wealth.”
In a statement on Tuesday, the Asayish said that “dealing with all types of electronic and virtual currencies (FOREX) and USDT is prohibited.”
Virtual currencies like USDT (Tether cryptocurrency) are increasingly used in global financial markets but remain largely unregulated in Iraq and the Kurdistan Region. They are, however, gaining popularity in the region, with many people, particularly youth, pursuing cryptocurrency trading as an alternative to a full-time job.
In February, Iraq’s Rafidain and Rasheed banks both issued warnings against using virtual currencies.
“By order of the investigating judge, the Asayish Directorate of Erbil arrested the suspect T. S. A., owner of the company Twana FX, on charges of fraud and deceiving youth, as well as promoting electronic currency trading (FOREX) by publishing video clips,” read a statement from the Asayish.
“Following an investigation by our economic team, it was found that the company is neither licensed nor registered. It is important to note that trading in FOREX is illegal and unregulated, and it leads to the loss of citizens’ money and assets,” the statement added. “We urge the public to avoid engaging in such types of business and transactions to protect their wealth.”
In a statement on Tuesday, the Asayish said that “dealing with all types of electronic and virtual currencies (FOREX) and USDT is prohibited.”
Virtual currencies like USDT (Tether cryptocurrency) are increasingly used in global financial markets but remain largely unregulated in Iraq and the Kurdistan Region. They are, however, gaining popularity in the region, with many people, particularly youth, pursuing cryptocurrency trading as an alternative to a full-time job.
In February, Iraq’s Rafidain and Rasheed banks both issued warnings against using virtual currencies.
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