Abstract：DFSA exposes scam using the name of Interactive Brokers to promote a fake crypto subscription.
Dubais financial regulator has issued a public warning after scammers were found impersonating a DFSA-authorised firm to promote a fake crypto investment scheme to the public.
The Dubai Financial Services Authority (DFSA) said it has identified fraudulent activity in which individuals are falsely presenting themselves as being connected to Interactive Brokers (U.K.) Limited – DIFC Branch, a firm that is legitimately authorised to operate in the Dubai International Financial Centre (DIFC).
Fake Company Name and Crypto “Subscription Agreements”
According to the regulator, the scammers are operating under the name “Interactive Investments & Brokerage LLC”and have been sending victims so-called “Crypto Subscription Agreements” as part of their pitch.
The DFSA confirmed that this entity:
- is not incorporated in the DIFC,
- is not physically located in the DIFC, and
- has never been licensed or registered by either the DFSA or the DIFC authorities.
Importantly, the regulator also stated that the real Interactive Brokers (U.K.) Limited (DIFC Branch) has no connection whatsoever to this fake company.
How the Scam Creates a False Sense of Legitimacy
To make the scheme appear credible, the perpetrators reportedly used several deceptive tactics, including:
- copying the name and logo of the genuine Interactive Brokers DIFC entity in documents sent to victims,
- listing fake office addresses that match locations where the real firm operates, and
- promoting participation in a token offering linked to Remittix (RTX) through the fraudulent agreements.
Regulators noted that such techniques are commonly used in impersonation scams, where criminals attempt to exploit the reputation of well-known financial institutions to gain trust quickly.
Strong Warning: Do Not Engage or Send Funds
The DFSA urged the public not to reply to any messages related to this scheme and to avoid transferring money or sharing personal information with anyone claiming to represent the fake company.
Authorities also reminded investors that legitimate DFSA-regulated firms can always be verified through the regulators public register, which lists licensed companies and authorised individuals operating within the DIFC.
The warning is part of a broader effort by Middle East regulators to address a rise in scams involving crypto-related products, fake investment contracts, and cloned identities of regulated brokers.
What This Means for Traders in the MENA Region
This case highlights a growing risk in the region: scams that do not rely on unknown brand names, but instead borrow the identity of regulated institutions to appear legitimate. Even experienced traders may be misled when familiar company names and office locations are used in documentation.
With crypto tokens and alternative investment products often promoted through private messaging apps and social media, verification is becoming a critical first step before engaging with any platform or investment offer.
Stay Informed with WikiFX
For traders who want to avoid falling into impersonation or clone-broker traps, tools like WikiFX can provide additional layers of protection. On WikiFX, users can quickly check:
- whether a broker is properly licensed,
- if similar scam warnings or exposure reports have been filed, and
- whether a company is operating under a cloned or misleading identity.
WikiFX also tracks regulatory alerts from authorities worldwide, helping traders spot risks before funds are transferred. In an environment where scams increasingly imitate legitimate firms, independent verification tools are becoming an essential part of safer trading decisions.
