Heaptalk, Jakarta — The Ministry of Trade, through the Commodity Futures Trading Regulatory Agency (CoFTRA), blocked 1,046 illegal domain websites involved in Commodity Futures Trading (PBK) throughout 2024. This initiative, which was carried out in collaboration with the Ministry of Communication and Digital Affairs, was designed to prevent potential public losses due to illegal PBK activities.
“CoFTRA continues to supervise and monitor illegal PBK activities frequently conducted through websites, social media, and applications. In 2024, we blocked 1,046 illegal PBK entity domain websites. This preventive action is effective in curbing the promotion, advertising, and offerings made by illegal PBK entities,” stated Acting Head of Bappebti, Tommy Andana.
Tommy explained that websites, social media, and applications are the most commonly used promotional channels for illegal PBK entities, according to CoFTRA’s monitoring results. The blocking efforts are expected to warn illegal businesses to refrain from engaging in PBK activities without obtaining official permits following Indonesian regulations.
Aldison, Head of the Legal and Enforcement Bureau, urged PBK businesses without licenses to promptly acquire the necessary permits and comply with the prevailing laws. Businesses whose websites, social media, and applications have been blocked but have since obtained Bappebti licenses can request normalization of their online platforms.
He also noted that CoFTRA has identified fraudulent investment schemes disguised as PBK and numerous illegal PBK promotions. These schemes often involve scams, gambling, or money games using Ponzi schemes. Some fraudulent actors impersonate reputable institutions to deceive the public, frequently presenting fake legality documents from well-known PBK companies.
These scammers lure victims by promising significant returns in a short period. “Subsequently, victims are asked to deposit funds, after which the fraudsters vanish, leaving the victims’ money unrecovered,” Aldison explained.
Olvy Andrianita, CoFTRA’s Secretary, advised the public to exercise caution when engaging in PBK transactions. She stressed the importance of understanding the transaction mechanisms, potential profits and losses, and associated risks before depositing money with any entity.
“The public must verify the legality of companies and ensure they are registered with CoFTRA. Do not be easily swayed by promises of large profits in a short time,” Olvy concluded.
