The Monetary Authority of Singapore, in conjunction with the police, will block the websites of the unlicensed trading platforms Octa and XM starting June 20.

According to news from HashChain, the Monetary Authority of Singapore and the police stated in a joint announcement that the two platforms, Octa and XM, are providing and promoting trading services to local residents without the necessary licenses and qualifications. This includes leveraged forex trading, commodities, indices, and stocks, all of which violate the Securities and Futures Act of 2001. These two platforms are also involved in cryptocurrency trading, and most unregulated online trading platforms are based overseas, making their reliability difficult to verify and posing a high risk of fraud. Information shows that Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.