ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

Cryptocurrency Trading Still Illegal In Saudi Arabia




After recent drops in the price of bitcoin and other cryptocurrencies, the government's central bank felt the need to remind citizens of the risks of trading, both financial and legal.

The Saudi Arabian Monetary Authority (SAMA) issued a statement yesterday reminding citizens that any dealings with cryptocurrency are still illegal.

The central bank's Sunday announcement was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market.

In the announcement, the standing committee cautioned the public against using cryptocurrency for trade based on the "negative consequences and high risks on traders as they are out of government supervision."

The warning specifically mentions that bitcoin, along with other types of virtual currencies, are illegal in the kingdom.

It goes on to explain:

"The committee warns all citizens and residents about drifting after such illusion and get-rich scheme [sic] due to the high regulatory, security and market risks involved, not to mention signing [sic] of fictitious contracts and the transfer of funds to unknown recipients/entities/parties."

The announcement does not state what kind of penalties violators would face if caught trading in crypto.

Though no fan of crypto, SAMA signed a partnership in February with blockchain firm Ripple to use the company's xCurrent software for cross-border payment settlement. The agreement aligned with the creation of a regulatory sandbox for banks to test Ripple's technology.

Nathan Graham

Nathan Graham lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Saudi Arabia, Saudi Arabian Monetary Authority or other Ethereum world news.