According to Odaily Planet Daily, the Monetary Authority of Singapore (MAS) and the police plan to block the websites of the unlicensed trading platforms Octa and XM starting June 20. Once the blocking takes effect, users will not be able to access these websites through Singapore's internet service providers.
The MAS and the police pointed out that the two platforms provided trading services to local residents without obtaining the necessary licenses, violating the Securities and Futures Act of 2001. Both platforms are also involved in cryptocurrency trading, and their operational credibility is difficult to verify, with a high risk of fraud. Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.