ADGM issues alert concerning misleading claims made by Para Holdings

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) wishes to alert the financial services community and members of the public about misleading claims made by Para Holdings and its founder on the Para Holdings website (URL: https://para.global) and on certain social media accounts maintained by Para Holdings and associated parties, including on the social media platforms Youtube, Twitter and Telegram.

The FSRA is aware that Para Holdings and its founder have, in recent days, falsely claimed and inferred that:

• Para Holdings will be registered, licensed or regulated in the ADGM in the near future; and
• a crypto-currency token offered by Para Holdings, PARA Token, will be the “first community driven token to be registered as a currency in the UAE” and will be available for listing and/or trading in the ADGM.

The above claims are false.

The FSRA advises the public that Para Holdings:

• Is not, and has never been, granted a Financial Services Permission by the FSRA to carry on any Regulated Activity in or from the ADGM; and
• Is not, and has never been, incorporated in the ADGM or licensed to undertake any form of commercial activities in the ADGM.

Only firms authorised by the FSRA can undertake Regulated Activities in the ADGM.

To determine if an entity has been granted a Financial Services Permission by the FSRA to carry on Regulated Activities in or from the ADGM, you can search the FSRA’s Public Register.

The FSRA advises the financial services community and members of the public to exercise caution when contacted by any entity that purports to be licensed to undertake Regulated Activities in the ADGM, unless and until the entity’s regulated status can be confirmed by checking the FSRA’s Public Register.