Morocco’s capital markets regulator has warned investors about the growing spread of fake trading platforms and unlicensed financial advisers, saying the schemes pose serious risks to personal savings and market integrity.
In a statement, the Moroccan Capital Market Authority (AMMC) said that investment recommendations circulated on social media and messaging applications (including advice to buy or sell stocks) constitute illegal financial guidance under Moroccan law unless issued by licensed professionals.
Under Law No. 19.14, only accredited financial advisers are authorized to provide investment recommendations, a requirement aimed at ensuring transparency, reliability and investor protection.
The AMMC said fraudulent trading platforms often promise quick and high returns, with operators posing as market professionals to gain trust. These platforms typically lure users through misleading advertisements, encourage initial deposits, display fictitious profits and later block withdrawals before disappearing.
The regulator noted that some platforms offering trading in gold, foreign currencies or other assets fall outside its direct supervision. While fraud linked to such activities may be prosecuted under general law, providing unlicensed financial advice or spreading false market information can carry criminal penalties, including fines and prison sentences.
The authority urged investors to exercise caution, verify the legitimacy of platforms and advisers, and consult the official list of licensed financial advisers published on the AMMC’s website.
As part of its prevention efforts, the AMMC said it is developing a digital awareness tool to help the public better identify fraudulent practices. It also pointed to its educational portal, “Let’s Understand the Capital Market,” which offers resources explaining investment principles and how capital markets function.
With financial scams becoming increasingly sophisticated, the regulator warned against rushing into offers that promise guaranteed or unusually high returns and stressed the importance of relying on verified and regulated sources for financial advice.
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