Al-Rafidain Bank Issues Warning on Electronic Payments in Digital Trading
On February 28, 2025, Al-Rafidain Bank issued an advisory cautioning its customers against the use of electronic payment methods, such as credit cards and e-wallets, for trading in digital currencies and Forex markets.
In a recent statement, the bank urged users to "refrain from utilizing electronic payment tools for trading in digital currencies or Forex activities, whether for personal account purposes or on behalf of others, directly or indirectly." This measure is intended to mitigate financial risks for clients engaged in these volatile markets.
The bank highlighted the necessity for vigilance when dealing with unlicensed entities that promote digital trading activities. It emphasized that engaging with these unauthorized platforms carries substantial financial and legal risks, which could result in the loss of funds or lead to legal repercussions under existing regulations.
This advisory aligns with Al-Rafidain Bank’s commitment to protecting its clientele’s interests and ensuring the safety of their financial transactions. The institution remains dedicated to playing an active role in raising awareness about the inherent dangers associated with unregulated trading practices.
