Dubai, United Arab Emirates (CNN) – The Saudi Ministry of Commerce announced the imposition of fines of 160,000 riyals, or about 42.6 thousand dollars, against 4 advertisers who violated the e-commerce system and “misled the consumer” through the communication platform “Snapchat”.
The ministry said in a statement that the violators, who are a Saudi, Kuwaiti, and residents of Lebanese and Turkish nationality, “promoted an unlicensed platform with the aim of temptations to quickly gain illegitimate gains in global stock markets” under the slogan “Invest your time on the Internet.”
Financial fines against 4 advertisers (Saudi, Kuwaiti, and two Lebanese and Turkish residents) who misled the “Snapchat” consumer, with unlicensed financial transactions under the slogan “Invest your time on the Internet.” https://t.co/LEZzE9KcDK
The ministry took the decision after monitoring the misleading advertisement published by the violators of the mediation activity in the foreign currency market, “Forex”, and encouraging them to deal with specific companies in that activity, through their personal accounts.
Violators will be subject to a warning penalty, and the decision will be published in electronic means, in addition to receiving a fine of 40,000 riyals, or about $ 10.6,000, for each of them.
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