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Governments in several U.S. states advise against investing in the Iraqi dinar. Washington and Utah are examples of states that officially warn their residents not to invest in the Iraqi dinar. Both the Utah Division of Securities and the Washington State Department of Financial Institutions specifically refer to Iraqi dinar trading as a scam.
Washington further warns that trading Iraqi dinars is potentially illegal in the state. Trading through a firm that is not licensed as a money transmitter or currency exchange on the state level is illegal, and not all dinar exchanges in Washington obtain the required licensing. Consumers in all U.S. states must ensure that a currency exchange is fully licensed and legitimate on both the federal and state levels before making any investments.
The U.S. Commodity Futures Trading Commission does not recommend investing i foreign currency. In the event that consumers do trade foreign currency, the agency recommends checking all firms involved against federal records before making investments.Learn more about Internet & Networking