According to PANews, Singapore's Monetary Authority and police plan to block access to the unlicensed trading platforms Octa and XM starting June 20. Once the block is in effect, users will be unable to access these websites through Singaporean internet service providers.
In a joint statement, the Monetary Authority of Singapore and the police highlighted that both platforms have been offering and promoting trading services, such as leveraged forex trading, commodities, indices, and stocks, to local residents without the necessary licenses and qualifications. This activity violates the Securities and Futures Act of 2001. Additionally, both platforms engage in cryptocurrency trading.
The authorities noted that most unregulated online trading platforms are based overseas, making it difficult to verify their operational credibility and posing a high risk of fraud. Octa is operated by Octa Markets and Uni Fin Invest, while XM is run by XM Global.