Safaghat, a licensed crowdfunding platform operator, has been instructed by the Central Bank of Bahrain (CBB) to immediately cease providing services to existing clients and refrain from onboarding new ones.
The regulator also said it initiated necessary regulatory measures, and directed Safaghat to maintain high transparency by clearly communicating with customers regarding the status of their current investments.
The CBB said the action follows an investigation into the company with violations being discovered.
It did not specify the nature of the violations.
The central bank said it remained committed to working with relevant authorities to safeguard the stability of the financial system.
“The CBB reaffirms its ongoing commitment to ensuring the compliance of licensed financial institutions with regulatory requirements and taking the necessary measures in response to any violations, in line with its supervisory mandate,” the statement said.
The statement was issued in response to recent information circulating about Safaghat.
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