Viber shuts down one of Maldives’ largest groups for USD transactions

‘Currency Exchange MV’, one of the largest groups on Viber in the Maldives dedicated to US Dollar exchange and foreign currency transactions, has been blocked by the platform.

The group, which had a membership exceeding 10,000 users, was removed due to violations of Viber’s public content guidelines, according to a notice displayed within the application.

The group functioned as a key reference point for daily US dollar rates within the Maldivian black market. Activity within the group indicated that transactions amounting to hundreds of thousands of dollars were conducted on a daily basis. Posts typically specified the quantity of dollars available and the asking price, while prospective buyers would respond with their offers.

Viber generally suspends such community groups when they are found to be in breach of national laws or involved in fraudulent practices. In light of reports that several individuals have suffered substantial financial losses through informal currency exchanges, it is possible that complaints were submitted to the relevant authorities. The action taken by Viber may also have followed requests from the Maldives Monetary Authority (MMA) or the Maldives Police Service. However, neither institution has issued an official statement on the matter.

In the Maldives, informal foreign currency trading conducted via social media platforms remains significantly more prevalent than formal channels. ‘Currency Exchange MV’ had served as a principal hub facilitating black market dollar transactions.

Despite the closure of this particular group, such activities have not ceased. Numerous other groups dedicated to foreign currency exchange continue to operate across various platforms. As these networks function outside any formal regulatory framework, they continue to present notable challenges to the country’s financial system.