On Saturday, April 10, 2025, authorities in Erbil arrested the owner of “Twana FX,” a locally known digital trading company, in a move that stirred debate within the growing online trading community in the Kurdistan Region.
The recent arrest—confirmed by the Erbil Security Directorate (Asayish)—has reignited public discussion around the legality of digital trading, government oversight, and the risks faced by young people turning to unregulated platforms in search of economic opportunities.
Unlicensed Trader Under Arrest
The unlicensed trader, Tuna Saeed, allegedly operated the Twana FX trading platform without a commercial license or financial authorization. According to the Asayish, he promoted forex (digital currency) trading to young audiences in the region through social media platforms and private training courses for those interested in entering the field.
Authorities claim the operation was illegal under existing laws and labeled it a form of fraud. However, no official numbers have been released regarding the number of individuals affected or the amounts of money lost.
Security Directorate Issues Official Warning
The arrest was accompanied by a public statement from the Erbil General Security Directorate, warning citizens to stay away from all forms of digital currency trading, including forex and USDT. The statement also cautioned that companies offering training courses or promoting such services online will be considered illegal and subject to legal prosecution.
“Following several complaints from citizens and their losses through these companies and intermediaries, we are issuing this statement… and warning all companies and brokers against advertising forex and cryptocurrencies on social media,” the statement read.
Asayish said the decision came after “numerous complaints and financial losses” suffered by citizens in the Kurdistan Region due to unregulated platforms like Twana FX.
Public Confession and Media Broadcast
In a video released by the Erbil Security Directorate and aired on Kurdistan 24—a government-aligned media outlet—Tuna Saeed is shown handcuffed, speaking directly to the camera. In the video, he confessed that Twana FX was a fake company and was not officially registered, also confirming that clients’ invested money was lost.
The release of the video on social media appears to be a government effort to publicly justify the arrest and deter similar activities. The footage sparked online debate, with some praising the transparency, while others questioned the ethics of broadcasting a confession before a formal trial.
A Growing Market, Legal Vacuum
This crackdown comes at a time when digital trading is gaining momentum in the Kurdistan Region, particularly among youth seeking financial independence in a tough job market. Dozens of Telegram channels, Instagram influencers, and YouTube accounts now offer tips and signals on forex and cryptocurrency trading—many of them unregulated.
However, despite the surge in trading activity, Iraq and the Kurdistan Region still lack a comprehensive legal framework to regulate digital currencies or trading platforms. The Central Bank of Iraq has issued warnings about dealing in cryptocurrencies, but enforcement has been inconsistent and often reactionary.
An academic paper from the University of Kurdistan in Erbil found that the majority of forex traders in the region rely on foreign brokers, many of whom operate without oversight from local regulatory bodies. The paper also noted that financial literacy and risk awareness remain low.
Selective Enforcement?
Social media critics have argued that the arrest of T.S.A. may reflect selective enforcement rather than a clear, consistent policy.
“There are dozens of people doing the same thing,” read a comment on a Facebook post.
“Why him? Is it because he became too famous?”
The suspect had recently gained widespread attention for sharing photos of luxury cars and content highlighting his lavish lifestyle, sparking speculation that the arrest was partly driven by public backlash or political pressure.
Posts across social media indicated that Twana FX had been openly promoting its services for months. Authorities only acted after what officials described as a “wave of public complaints,” raising questions about why they intervened now—and whether others will be targeted next.
Between Opportunity and Risk
Globally, forex and cryptocurrency trading has evolved into a multi-billion dollar economic system.
In Iraq and the Kurdistan Region, these tools have become a double-edged sword—offering financial independence to some, but leading to bankruptcy for others.
“Forex and crypto are now in the phones of most Kurds,” Tuna said in a social media post before his arrest.
“The U.S. and Europe couldn’t control them—how can we?”
His comments reflect the growing gap between a digitally empowered generation and a regulatory system struggling to keep up.
What Happens Next?
Tuna remains in custody at the time of writing. His legal status remains unclear, and the charges against him have not been fully disclosed. His case may become a test of how the Kurdistan Region chooses to handle the future of digital trading—whether through regulation, education, or criminalization.
In the meantime, citizens remain unprotected.
There are no licensed forex platforms, no official registry of training providers, and no local legal protections for those who lose money through digital trading.
Unless the government takes concrete steps to regulate the sector—rather than punishing individuals alone—observers warn that the cycle of illegal activity, financial loss, and legal uncertainty will continue.
Conclusion: A Mirror of a Larger Conflict
The arrest of the Twana FX founder is more than a criminal case.
It is a mirror reflecting the tension between innovation and control, opportunity and risk, and digital ambition versus legal ambiguity in modern Kurdistan.
As the region embraces a digital future, the question remains:
Will the law evolve to protect and keep pace with the people, or will enforcement only come after the damage is done?
