False Claim of DFSA Authorisation: Souq Capital Flags Regulatory Concern in the UAE

The Dubai Financial Services Authority (DFSA) has issued a public alert after identifying that Souq Capital, operating through “souqcapital(.)com”, is misrepresenting itself as a DFSA-authorised firm. According to the regulator, the company has displayed a fabricated DFSA “registration” number and presented itself as a licensed financial services provider within the Dubai International Financial Centre (DIFC), despite having no regulatory approval in the UAE’s financial free zone.

The DFSA highlights that such misuse of its name and credentials remains a recurring tactic among firms seeking to gain investor trust without meeting regulatory standards. In this case, Souq Capital’s website and marketing materials appear designed to mimic the presentation of legitimate DIFC-licensed entities, potentially misleading users into believing they are dealing with a properly supervised provider.

Regulators note that unauthorised firms frequently adopt this strategy to bypass investor due-diligence barriers, attract deposits, or promote high-risk trading products. Because these firms operate outside the DFSA’s oversight, users have no regulatory protections, no complaint channels, and no recourse if losses occur. The DFSA therefore urges the public to treat unsolicited investment offers or platforms that claim “DFSA approval” with heightened caution, especially when verification cannot be immediately confirmed.

In its notice, the DFSA also reminds the public that it maintains a dedicated Alerts page listing all firms and activities that have triggered regulatory warnings. It also publishes guidance on common online trading scams, cloned-firm tactics, and red flags to look for when dealing with digital investment platforms. The regulator encourages individuals to use its Public Register to confirm whether a firm is genuinely licensed before sharing personal information, transferring funds, or opening an account.

BrokersView Reminds You

BV reminds all users and investors to independently verify the regulatory status of any platform before engaging with it. If you suspect fraud, report it through BrokersView.