Junta’s Central Bank to take action forex traders on social media networks

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Yangon, October (19)

On October 15, the Military Council-controlled Central Bank declared that it would take action against anyone seen buying, selling, or trading foreign currency without an authorized dealer license.

According to the statement, the Central Bank is preparing to file a lawsuit against Perfect Money and B to P Money Exchange for trading foreign currencies without a license through their Facebook pages.

The Central Bank has sued the two Facebook pages under Section 42 of the Foreign Exchange Management Law for violating Section 38 of the Foreign Exchange Management Law.

According to a statement, 15 Facebook pages, including Black Market Rate, USD Exchange Rate, and Gold and Forex Trading, will also face legal action under Section 42 of the Foreign Exchange Management Law.

Article 38 of the Foreign Exchange Management Law states that “no person shall conduct foreign exchange business without authorized dealer license.”

Section 42 stipulates that if a person is found guilty of violating these prohibitions, he or she will be sentenced to imprisonment for not more than three years, or a fine, or both, with confiscation of evidence.

News – Than Lwin Times

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